According to on-chain data shared by the crypto analytics firm, IntoTheBlock, the volume of Shiba Inu transactions that are greater than $100,000 has attained a new multi-month high at $389.89 million.
The new milestone was shared on Twitter by IntoTheBlock on 9th February. According to the report, these transactions account for 81% of the total on-chain volume.
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IntoTheBlock tweeted, “Whales are back in SHIB. The volume of on-chain transactions greater than $100k recorded a multi-month high yesterday with 389.89m. These transactions account for 81% of the total on-chain volume.”
The on-chain volume of these transactions as reported by the analytics firm speaks of the amount Shiba Inu whales and institutional players transact in a given day.
So, the increase in the volume of large transactions indicates an increase in activity among institutional buyers and sellers.
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As reported by WhaleStats on 9th February, Shiba Inu (SHIB) is back on the top 10 purchased tokens and top most used smart contracts by 1000 biggest Ethereum whales.
WhaleStats reported, “JUST IN: SHIB is back on top 10 purchased tokens and top most used smart contracts by 1000 biggest ETH whales in the last 24hrs. Woof! Woof! Shib Army let’s make some noise.”
It’s important to know that the timing of SHIB returning to the top 10 purchased tokens coincides with the recent milestone attained by the cryptocurrency due to the rise in the volume of on-chain large transactions.
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Also, Shiba Inu (SHIB) is now the biggest token in the portfolio of the largest Ethereum whales by USD value, according to WhaleStats. SHIB is in second place in the top 10 holdings after Ethereum, the second-largest digital currency.
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