Shiba Inu (SHIB) has experienced a significant surge in its large transaction volume, reaching a seven-day high, according to data from IntoTheBlock.
In the past 24 hours alone, a massive 2.21 trillion SHIB tokens were involved in large transactions, marking the highest volume seen in the last seven days.
This metric, provided by IntoTheBlock, offers insights into the overall amount transacted by whales and institutional participants in a given day.
Large transactions are classified as transfers involving more than $100,000. Over the past 24 hours, SHIB’s large transaction volume has surged by 43.72%.
The impact of these substantial whale transactions is reflected in the price performance of SHIB, as it records its largest daily gains in the past seven days. Currently, the price of SHIB has rebounded by 3.66%, trading at $0.00000756.
After a bullish streak that propelled SHIB to highs of $0.0000084 on June 22, profit-taking caused a decline in its price.
However, on June 28, SHIB experienced a dip to lows of $0.000007, attracting buyers who seized the opportunity to buy the dip.
Consequently, the price of SHIB rebounded on June 29 and has been maintaining its gains since then. If the positive trend continues and a positive close is achieved today, SHIB will mark its second consecutive day in the green.
The surge in large transaction volume indicates active participation from institutional players or whales, suggesting increased buying or selling activity within the SHIB market.
Traders and investors closely monitor these movements as they can provide insights into the sentiment and potential future price movements of the cryptocurrency.
