David Edwards
In a surprising development, the cryptocurrency Shiba Inu (SHIB) has seen an extraordinary increase in large-scale transactions, totaling an impressive $110.53 million over the last 24 hours. This information, provided by the on-chain analytics platform IntoTheBlock, indicates a remarkable 275% rise from previous figures, amounting to an enormous 7.22 trillion SHIB tokens.
Interestingly, this significant uptick in activity occurs amidst a notable downturn in SHIB’s market price, which fell by over 11%, dropping from $0.00001195 to $0.00001 within a single day.
Despite the broader market slump, there were 186 substantial transactions, each exceeding $100,000, cumulatively accounting for 10.72 trillion SHIB.
Contradicting what one might expect in such a scenario, the Large Holders Inflow data shows that major investors in the SHIB market didn’t shed their holdings during this turbulent period. On the contrary, they ramped up their investments by a massive 6.32 trillion SHIB, marking a 407% increase from the day before.
This scenario presents a curious contradiction: while SHIB’s price was falling, there was a noticeable increase in activity from major players, suggesting a strategic approach. Following SHIB’s impressive 45% price jump since early December, it seems that many investors decided to cash in on their profits, leading to the recent sell-off.
However, the on-chain data presents a different angle, revealing that the biggest players in the SHIB market didn’t just hold steady during the downturn but actively increased their SHIB holdings, indicating a strong confidence in the cryptocurrency’s future prospects.
