Shiba Inu (SHIB) whale activity metric jumps 228% as price braces new move
Shiba Inu whales seem to be awakening; a key metric that often gives an inkling of the actions of these large holders has soared 228% in the last 24 hours.
According to the on-chain analytics firm IntoTheBlock, large transactions on the Shiba Inu network in the last 24 hours totaled $36.45 million, which represents an increase of 228.64%.
Large transactions are those exceeding $100,000, and a spike in this metric might be due to a large quantity of buying or selling by whales or institutional holders.
Oftentimes, a move in the price of Shiba Inu has coincided with a significant spike in this metric.
Shiba Inu seems to kick off April on the right foot after closing March down by 9.83%. At the time of writing, Shiba Inu was up 2.60% in the last 24 hours at $0.00001084.
According to CoinMarketCap data, a whopping 17,603,658,210,868 (17.6 trillion) SHIB worth $190,816,713 was swapped in the last 24 hours. Shiba Inu’s 24-hour trading volume was up nearly 21% at the time of writing.
6.78 billion SHIB burned in March
According to the Shibburn Twitter account, a whopping 6,782,788,547 SHIB tokens were burned in March with 540 transactions.
🔥🔥🔥 6,782,788,547 $SHIB tokens have been burned in the month of March with 540 transactions. #shib
— Shibburn (@shibburn) April 1, 2023
In the last 24 hours, a total of 149,313,637 SHIB tokens were burned and eight transactions were made.
In the past month as well, SHIB long-term holders rose to the highest level since the project’s inception. IntoTheBlock data gives the percentage of long-term holders, which refers to “hodlers,” or those that have held for more than a year, as 67%.
Written by: Tomiwabold Olajide
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