Shiba Inu Witnesses Surge in High-Value Transactions Despite Price Decline
The adoption of Shiba Inu (SHIB) is gaining traction as the meme coin experiences a significant increase in large transaction volume. Recent data from InTheBlock has revealed that the volume of high-value transactions involving SHIB has surged by 436% in the past 24 hours.
According to the data, the number of transactions involving at least $100,000 worth of SHIB has risen from 1.4 trillion SHIB to 6.11 trillion SHIB. In terms of monetary value, this translates to an increase from $42.75 million to $171.74 million.
While the surge in large transactions may initially seem like a bullish signal for SHIB, a closer look at the coin’s price movement tells a different story. Marketcap data shows that SHIB’s price has dropped by approximately 7% in the last 24 hours, trading at $0.0000262.
This decline in price amounts to an overall loss of about 15% within the past 7 days and 32% in the last month. Additionally, the market cap has decreased by a minimal 0.23% to $15.7 billion, while the trading volume has increased by 6.5% to $684 million.
The apparent contradiction between the increase in large transactions and the price decline raises the question of who holds the upper hand in the SHIB market: the bulls, bears, or whales.
One interpretation is that the surge in large transaction volume indicates confidence from institutional or high-net-worth investors. These entities may view the price decline as an opportunity to buy SHIB at a discount, thereby increasing their holdings in the meme coin.
Alternatively, the price decline could be a reflection of bearish sentiments among retail investors who are offloading their assets in response to the decline, exerting further downward pressure on SHIB.
The third perspective involves the actions of large investors commonly known as “whales.” Some whales may see the price drop as a chance to accumulate more SHIB, leveraging their substantial holdings to influence the market.
While these factors currently impact SHIB’s price, other variables such as investor behavior, market sentiment, and developments within the SHIB ecosystem are expected to shape its future price.
In a positive development for SHIB, the latest edition of its magazine, ‘The Shib,’ highlighted various developmental activities within the Shiba Inu ecosystem, including NFTs and collaborative projects. Additionally, Davinci Jeremie, a prominent Bitcoin supporter, recently expressed his support for including SHIB in financial portfolios when the coin was selling at $0.0000079.
