- The volume of Shiba Inu transactions recently hit a seven-day high.
- A flurry of huge purchases usually preceded a significant price change for Shiba Inu.
The transaction volume, up a stunning 361.39% in the previous 24 hours, suggests that Shiba Inu whales are on a dramatic move. The prior day’s volume of large transactions of Shiba Inu amounted to $46.45 million and is now standing at $68M.
According to IntoTheBlock statistics, the volume of Shiba Inu transactions recently hit a seven-day high. There was an incredible 6.36 trillion SHIB of transactions in the last 24 hours.
This is, surprisingly, the largest volume of the last week. IntoTheBlock claims that the Large Transactions Volume Indicator may be used to estimate the daily volume of transactions made by whales and institutional players.
Price Surge Likely
Increases in the number of trades often indicate that large buyers or sellers have entered the market. IntoTheBlock classifies transactions above $100,000 as “large.”
The price of SHIB has historically fluctuated based on massive peaks in major transactions. A flurry of huge purchases usually preceded a significant price change for Shiba Inu. There would be a lot of big transactions happening at the same time as price spikes.
However, whales’ massive transactions signaled optimal times to cash in by flooding the network. After prior drops this week, the Shiba Inu pricing is hoping for a recovery.
The SHIB price had a significant increase on July 7 and hit a peak of $0.000007414. The SHIB price has increased by 1.28% in the previous 24 hours, reaching $0.0000073, however, the ecosystem tokens BONE and LEASH have done better. The latter is up by 68% in the last 24 hours.
On the other hand, in a blog post earlier this week, Shiba Inu leader Shytoshi Kusama alluded to a probable release date for Shibarium Layer 2.
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