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A key indicator that suggests whale activity is up a whopping 987% for Shiba Inu (SHIB), per IntoTheBlock data.
Large transaction volume, an indicator that measures the aggregate amount transferred in large transactions, i.e., those above $100,000, is showing a 987% spike for Shiba Inu.
According to IntoTheBlock daily data, $70.73 million accounted for large transaction volumes in the last 24 hours.
A relevant indicator, large transaction volume, provides an estimate of the total amount transacted by whales on a particular day.
Increases in large transaction volumes might indicate increased activity by whales, either buying or selling. A total of 10.23 trillion SHIB was shifted in the last 24 hours, which coincidentally is the highest moved in the last seven days.
Contributing to the spike in large transactions was a massive shift of 4,554,030,677,374 SHIB tokens worth $31,520,723 on Oct. 20.
Transactions volumes increase
Shiba Inu observed a massive increase in transaction volume, rising from 2.55 trillion SHIB on Oct. 19 to 11.48 trillion SHIB on Oct. 20. Transaction volume is the total volume of transactions recorded on-chain.
Transaction volumes can be used to identify reversals and breakouts. A spike in this statistic could indicate both panic selling by holders and major investors buying despite the uncertainty.
SHIB was up slightly in the last 24 hours to $0.00000697 at the time of writing. The crypto coin is up 0.07% for the week as bulls try to hold on to their gains after a two-day upward run.
SHIB recovered on Oct. 19 after hitting lows of $0.00000687 and would be set to close its third consecutive day of gains if the price closes in the green today.
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Tomiwabold Olajide