Transaction Volume in the Popular Meme Coin Skyrocketed: What Does This Predict?

Popular meme coin, according to data from IntoTheBlock Shiba Inu The volume of large transactions involving (SHIB) has increased by over 400% in the last 24 hours. Digging deeper into the data, the volume of large transactions increased from 1.4 trillion SHIB to 6.11 trillion SHIB, an increase of 436%. In monetary terms, the volume of large transactions with the Shiba Inu token increased by 401.7%, from $42.75 million to $171.74 million. Overall, the number of large transactions, defined as those totaling at least $100,000, rose by 119 to 276 from the previous day.

The difference in monetary and in-kind growth in large transactions can be attributed to the decline in the SHIB price during the period under review. The fact is that the price of SHIB has fallen by almost 7% in the last 24 hours. Moreover, it currently continues to decline, bringing the total decline since the beginning of the week to almost 15%. SHIB is currently trading at $0.0000262.

Shiba Inu price analysis

Bulls, Bears and Whales

Clearly, the increase in major token transactions is due to the greatly expanded price movement of the Shiba Inu token. A number of major players and SHIB holders likely contributed to this decline by selling their tokens.

But it is undeniable that some large SHIB whales perceived the Shiba Inu token price drop as a discount and, on the contrary, decided to strengthen their positions in this token.

The crypto community is curiously following whether bulls, bears or whales will win in Shiba Inu.

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