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Dog-themed cryptocurrency Shiba Inu has seen a surge in whale activity. According to data from IntoTheBlock, large transactions involving SHIB have surged by 454.16% since the past day, reaching a staggering $112.96 million. The last 24 hours saw 34 large transactions, each worth more than $100,000.
Large transaction volume surged from 2.18 trillion SHIB on Feb. 21 to 11.77 trillion SHIB on Feb. 22, the highest seen in the last seven days. Daily active addresses also increased by 25.33% to 3710, indicating a rise in activity on the Shiba Inu blockchain.
Large transaction volumes give a sense of the overall amount transacted by whales on a particular day, and a surge may indicate considerable activity, either buying or selling.
Shiba Inu bulls failed to push SHIB back above $0.00001, with the price rejected at highs of $0.00000996 on Feb. 20. Prices have steadily fallen since then, and the declines continue as of press time.
At the time of writing, SHIB had fallen 2.14% in the last 24 hours to $0.0000094, mirroring the general price declines in the crypto market. If today closes in loss, SHIB would mark three out of four days in red since Feb. 20.
Shiba Inu holders sustain long-term view
A key on-chain indicator might suggest that Shiba Inu holders might have a long-term perspective. The Holding Time of Transacted Coins indicator, which measures the average length of time coins are held before being transacted or traded, has increased by 652.17% in the last seven days.
The holding time indicator for transacted coins might provide valuable insights regarding investor confidence and market sentiment.
If coins are held for longer lengths of time before being traded, it may signal that investors have confidence in the market’s long-term prospects and are ready to hold onto their coins for extended periods.
According to IntoTheBlock data, the average time held for coins transacted on Feb. 22 was one year.