Shiba Inu has observed a massive spike in large transaction volume, reaching a peak last witnessed over a month ago.
This surge came on the back of a rebound from the meme coin, which saw it recover Tuesday’s losses. For context, SHIB recorded an impressive 3.03% increase on March 19 amid the SEC’s decision to drop its appeal in the Ripple case, essentially offsetting the 3.09% intraday loss on Tuesday, March 18.
The rebound push spilled into the next day, with Shiba Inu retesting the resistance at $0.000013 before retracing. Interestingly, this upward push coincided with a rise in whale transaction volume in the Shiba Inu market.
Large Shiba Inu Transactions Spike 197% to 7.49T SHIB
According to data from IntoTheBlock (ITB), large Shiba Inu transactions worth at least $100,000 saw a considerable spike yesterday, March 20, as SHIB retested $0.000013 for the first time after dropping below the psychological price mark earlier this week.
These transactions increased to 7.49 trillion SHIB worth more than $97 million at the $0.000013 price. Notably, this figure represents a 197% increase from the 2.52 trillion SHIB volume recorded the previous day.
Shiba Inu Large Transaction Volume | ITB
Interestingly, this metric has continued to increase in the past few days after dipping to a 5-month low of 571 billion SHIB over the weekend. The gradual increase points to a growing interest among large players.
Notably, the recent 7.49 trillion SHIB volume marks the highest figure recorded in nearly two months. For context, the market last saw a comparatively large volume on Feb. 2, reaching 15.1 trillion SHIB. However, this volume largely consisted of sell-offs, leading to the price crash in early February to $0.000014.
Here’s What We Know
Accordingly, questions have emerged around the possible reason behind the latest transaction spike, as SHIB’s price barely moved on March 20. Despite the asset retesting the $0.000013 psychological level, it witnessed a sudden mild pullback, closing the day with a negligible 0.08% gain.
Further data from IntoTheBlock confirms the actual flow of tokens around these transactions. Notably, while outflows from large holders surged to 5.54 trillion SHIB on March 20, inflows to large holders saw a more substantial increase, hitting 6.26 trillion SHIB.
The figures confirm that large holders only saw a net positive capital flow of around 720 billion SHIB that day, representing a minor netflow. This explains why despite the large transaction volume spike, Shiba Inu largely consolidated on March 20.
Shiba Inu Large Holders Netflow | ITB
An investigation into these transactions by The Crypto Basic revealed that OKX accounted for a large chunk of the volume. Particularly, the exchange moved over 1.8 trillion SHIB worth $23 million to a Hot Wallet yesterday. Large internal movements from other exchanges like Gate.io and Coinbase also contributed to the rise.
Shiba Inu Transactions | Arkham Intelligence
Meanwhile, Shiba Inu changes hands at $0.00001289, down 0.39% this morning. The asset again retested $0.000013 this morning but saw another mild correction. SHIB might need greater whale demand to overcome this resistance.
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