Shiba Inu (SHIB) whales seem to have given themselves a break as the market is gathering momentum for the next big move for the second-largest meme coin in the market.
According to the data from IntoTheBlock, a leading market intelligence platform, the transaction volume of Shiba Inu (SHIB) large transactions, which represents the total number of tokens moved daily by whales, saw a huge 24-hour decline.
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The data shows that Shiba Inu whales’ transactions dropped 64.92% in the last 24 hours to $62.58 million. This implies that large transactions dipped from 20.2 trillion SHIB to 7.09 trillion SHIB between January 24 and 25.
In the crypto industry, the place of large holders, which are regarded as whales, is crucial. Their activity usually has a notable impact on the prices of tokens involved. They can move the market up and down with their massive holdings.
So, whether buying or selling, an increase in large transaction volumes is typically regarded as whales’ activity.
At the time of filing this report, SHIB is trading at $0.000009087, with a relatively 3% price in the last 24 hours. IntoTheBlock data also shows that the next hurdle from which SHIB currently trades is between the $0.000009 and $0.000013 levels, where 228.97 trillion SHIB were purchased by 322,220 addresses for an average price of $0.000011.
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Read Also: If You Invested $1,000 In Shiba Inu (SHIB) At Launch, Here’s How Much You’d Have Now
In other news, Ethereum addresses belonging to Bitvavo, a crypto exchange based in Europe, were involved in significant transactions over the last 24 hours. The exchange moved a total of 981 billion SHIB worth $8.6 million between two wallets.
The two transactions involved the movement of 215 billion SHIB worth $1.89 million and 766 billion SHIB worth $6.74 million, which was reported by Whale Alert, the tracker of large transactions of cryptocurrencies.
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