Bitrabo Editorial
Recently, there has been a notable increase in activity from Shiba Inu whales, even amid significant fluctuations in the value of this meme coin. Alarmingly, these large holders have more than doubled their trading volume in a mere 24 hours, which could seriously affect the price of SHIB. As the price of Shiba Inu drops, the uptick in whale transactions may indicate that these major investors are driving the current market sell-offs.
Whale Activity for Shiba Inu Surges by 117%
Data from IntoTheBlock indicates a significant rise in trading volume among Shiba Inu whales recently. The relevant period spans from October 6 to 7, during which there was a remarkable increase in whale trading volume, surpassing two times its previous level. According to the data, whales traded 1.39 trillion SHIB tokens, equating to approximately $25.2 million over 99 transactions, each worth $100,000 or more.
By October 7, the number of Shiba Inu transactions involving at least $100,000 worth of tokens surged by 66%, escalating from 99 to 165 transactions, indicating greater activity among these whales. The overall number of SHIB tokens traded in this period reached 3.02 trillion, representing a 117% increase from the previous day. The total value of these transactions amounted to $52.8 million.
This rise in whale trading volumes happened simultaneously with a decline in the Shiba Inu price, dropping down to the $0.000017 range. This suggests that these whales are intentionally engaging in selling, contributing additional bearish pressure on the meme coin’s market value.
Should the whale volumes continue to decrease without a change in the price trend, it would indicate ongoing selling pressure from the whales. Conversely, if these major investors begin to buy instead, it could lead to a significant recovery in the price of Shiba Inu.
SHIB Holders Remain Optimistic
Despite the latest drop in SHIB’s price, believed to be influenced by whale activity, most investors are still seeing profitable returns. According to IntoTheBlock’s analysis, out of 1.35 million SHIB holders, around 714,190 addresses are currently “In The Money,” meaning they are realizing profits. This equates to 52.86% of all SHIB wallets.
In contrast, roughly 595,770 addresses, or 44.10% of holders, are classified as “Out Of The Money,” indicating losses. Additionally, a small fraction, 43.04% or 41,090 addresses, are “At The Money,” meaning their token purchase price aligns with the current market value, placing them at breakeven.