- Shiba Inu sees a 454.16% surge in whale transactions, reaching $112.96 million.
- Average holding time for Shiba Inu coins extends significantly, indicating strong investor confidence.
Shiba Inu, a dog-themed digital currency, has recently attracted significant attention due to a notable increase in activity from large investors, often referred to as “whales”. Data from IntoTheBlock highlights a staggering 454.16% uptick in large transactions involving SHIB, totaling an impressive $112.96 million in just the last day.
These transactions, each exceeding $100,000, underscore the growing interest and substantial movements within the Shiba Inu ecosystem.
SHIB Whale Movements: A Deep DiveÂ
A closer examination reveals that on February 22nd, the volume of large transactions soared to 11.77 trillion SHIB, marking the highest level of such activity observed over the past week.
This spike from a mere 2.18 trillion SHIB on February 21st not only signifies increased whale transactions but also reflects a broader engagement across the Shiba Inu network, as evidenced by a 25.33% increase in daily active addresses, totaling 3710.
However, the enthusiasm among Shiba Inu bulls to elevate the cryptocurrency’s value above the $0.00001 mark met with resistance. Despite reaching highs of $0.00000996 on February 20th, the price faced rejection, leading to a subsequent decline.
At the time of reporting, SHIB’s value had dropped by 1.00% over the last 24 hours to $0.00000953, mirroring the downtrend seen across the broader crypto market. This decline marked the third day of losses out of four since February 20th.
Investor Sentiment: Holding Time as a Confidence Indicator
Amidst the price fluctuations, a significant on-chain metric sheds light on the sentiment of Shiba Inu holders. The Holding Time of Transacted Coins, which gauges the average duration coins are retained before being moved or traded, has seen a remarkable increase of 652.17% over the past week.
This metric, particularly when extended to an average holding time of one year as recorded on February 22nd, suggests a strong belief among investors in the long-term potential of Shiba Inu.
Such confidence is pivotal, as it indicates a readiness among holders to maintain their investment over extended periods, despite short-term market volatilities. To explore more about this development, you can watch the YouTube video below.