Shiba Inu\'s On-Chain Volume Surges, Indicating Resurgence of Interest or Redistribution of Funds Among Whales
- WBOYOriginal
- 2024-07-02 07:31:19507browse
Shiba Inu's on-chain volume surged, apart from the burn volume. For now, the transactional volume of Shiba Inu has hit 2.6 trillion SHIB
Shiba Inu continues to attract attention, with the latest on-chain data revealing a massive surge in transactional volume, excluding burn transactions.
According to on-chain data, the transactional volume of SHIB has reached an impressive 2.6 trillion, with Coinbase transactions accounting for nearly 10% of this total.
The data shows that Coinbase’s hot wallet was involved in two substantial transactions within the past 24 hours, collectively transferring around 260 billion SHIB. In terms of fiat value, these transactions amounted to approximately $402 million.
As a major cryptocurrency exchange, Coinbase’s activity can often serve as an indicator of broader market trends, whether it's a resurgence of interest or a redistribution of funds among whales.
An analysis of the on-chain data reveals significant shifts within the Shiba Inu market. At the week's low, there were 47 large transactions, and this number has since increased to 65, indicating a rise in the volume of large transactions.
Moreover, the analysis highlights a substantial increase in the volume of large transactions when measured in U.S. dollars.
With a volume of $45 million over the past 24 hours, it's clear that the Shiba Inu market is experiencing a significant flow of capital. This surge in volume is indicative of greater liquidity and possibly increased investor interest, which is a positive sign.
However, a glance at the technical chart of SHIB/USDT reveals a prolonged downtrend, indicating that the asset is struggling to maintain its value amidst broader market pressures. On the other hand, the recent spike in transaction volume could be signaling a turning point or, at the very least, a stabilization phase.
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