Shiba Inu Key Metric Skyrockets by 61% as SHIB Whales Return

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Dog-themed cryptocurrency Shiba Inu (SHIB) recorded a significant 61.39% increase in large trading volume, which usually suggests whale activity.

Large trading volume is an important measure. into the block This shows the total amount traded by whales on a particular day. The large spike in trading volume indicates high buying and selling activity between whales.

In recent days, the volume of large SHIB transactions exceeding $100,000 has been decreasing. SHIB reported a significant decline in large trading volume, dropping from 6.36 trillion SHIB on April 19th to 2.6 trillion SHIB on April 20th.

Massive Transactions, Provided by: IntoTheBlock

Since this date, Shiba Inu high-value transactions have remained flat between 2 trillion SHIB and 3.73 trillion SHIB, but suddenly increased on April 24th.

Large trading volume increased from 3.73 trillion SHIB on April 23rd to 6.23 trillion SHIB on April 24th. The value of large trades in the past 24 hours reached $162.45 million, the highest in seven days.

SHIB down 9%

The timing of the large increase in trading volume is particularly interesting as it coincides with a broader market collapse that has seen major cryptocurrencies fall between 4% and 20%.

Shiba Inu couldn’t escape the bearish trend, declining 8.69% to $0.00002486 in the past 24 hours, despite rising 13% in the past 7 days. Therefore, the resurgence of whale activity may indicate renewed interest in dog-themed tokens.

This is not surprising given that whales often take advantage of correction periods to accumulate at discounted prices. An increase in trading volume may suggest that large investors are reestablishing themselves in the market and may be anticipating future price movements.

The return of the SHIB whales also comes at a time of heightened enthusiasm. Shiba Inu has just secured $12 million in funding, putting it on track to become a major participant in the crypto market.

As the SHIB whale makes a comeback, investors and traders will be closely monitoring market trends for clues regarding the cryptocurrency’s price trajectory.

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Tomiwavoldo Olajide

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