Shiba Inu: Large Transactions Spike by 300% as Prices Plummet

Vignesh Karunanidhi
Shiba Inu
Source: The Coin Republic

Shiba Inu has become one of the most well-known meme coins in the cryptocurrnecy industry. The meme coins were previously assumed to be nothing more than a meme token, but over time they have demonstrated to be much more. The majority of meme coin growth can be attributed to popular meme coins, like Shiba Inu, and its developments.

Despite the fact that Dogecoin is known as the “king of meme coins,” Shiba Inu is unquestionably the most developed in terms of utility. For the SHIB Army, the SHIB team has been involved in and working on a variety of projects.

The cryptocurrency market is still recovering from the fall of FTX, and prices seem to not be in their best shape. Amidst all of this chaos, large whales have shown a keen interest in SHIB. As per the data from IntoTheBlock, transactions greater than $100k have spiked by 300%.

Rise in large Shiba Inu transactions can be attributed to whales

As per the data, over 16 transactions that ranged over $100k accounted for the spike in large transactions. The increase in large transactions is an indication that whales are grabbing a chunk of SHIB.

Large holders account for 80% of the supply. As per the current price, only 15% of the holders are in profit. Also, over the last seven days, transactions over $100k totaled $217.31 million. At press time, SHIB is trading at $0.000008841, with a 3.93% loss of value in the last 24 hours.