The Shiba Inu cryptocurrency has experienced a remarkable resurgence in whale activity. Recent data from IntoTheBlock reveals a staggering surge of 454.16% in large transactions involving SHIB within the past day, totaling an impressive $112.96 million. Over the last 24 hours, there have been 34 large transactions, each surpassing $100,000.
The volume of these substantial transactions has surged from 2.18 trillion SHIB on Feb. 21 to 11.77 trillion SHIB on Feb. 22, marking the highest level observed in the past week. Concurrently, the number of daily active addresses has increased by 25.33% to 3710, indicating heightened activity within the Shiba Inu blockchain. Large transaction volumes serve as a barometer for the total amount transacted by significant investors on a given day, with a surge potentially signalling substantial activity in buying or selling.
Despite efforts from Shiba Inu bulls to propel SHIB back above $0.00001, prices were rebuffed, reaching highs of $0.00000996 on Feb. 20. Since then, prices have been steadily declining, reflecting the broader downturn in the cryptocurrency market. Presently, SHIB has experienced a 2.14% decrease in the last 24 hours, trading at $0.0000094. Should today conclude with losses, SHIB would mark three out of four days in the red since Feb. 20.
An essential on-chain metric indicates that Shiba Inu holders may be adopting a long-term perspective. The Holding Time of Transacted Coins indicator, which measures the average duration coins are held before being transacted or traded, has surged by 652.17% over the past seven days. This indicator could offer valuable insights into investor confidence and market sentiment.
Extended holding periods before trading may signify investor faith in the market’s long-term potential, suggesting a willingness to retain coins for extended durations. According to IntoTheBlock data, the average holding time for coins transacted on Feb. 22 was one year.
