Shiba Inu’s prominent investors, often referred to as whales, have been actively participating in the market, resulting in a remarkable 2,182% surge in significant transaction volume for SHIB. According to data from IntoTheBlock, the past 24 hours have witnessed an astounding 8.97 trillion SHIB tokens being traded in substantial transactions, marking a staggering 2,182% increase. Notably, this 8.97 trillion SHIB in substantial transaction volume on September 4th represents the largest amount seen in the past week.
These substantial transactions are defined as those exceeding $100,000 in value, and they offer insights into the total value being exchanged by institutional investors and major players in a given day. Surges in substantial transaction volume often indicate heightened activity among institutional players or whales, whether they are buying or selling assets.
In a noteworthy example, on the previous day, a transfer of 4,615,530,677,374 SHIB tokens, valued at $35,694,206, was observed moving from the Netherlands-based staking platform Bitvavo to an undisclosed wallet, as reported by WhaleAlert. This substantial movement of SHIB tokens has contributed to a notable increase of 1,512% in inflows for large holders.
As of the time of this writing, SHIB has experienced a 2.51% decline in its value over the past 24 hours, trading at $0.00000753.
Shiba Inu’s Latest Milestones
Whales, typically respond to market developments by executing transfers of their assets, either into or out of the market. At the beginning of the week, Shiba Inu developer Kaal Dhairya communicated significant advancements to the community. In a noteworthy development, Shibariumscan has now introduced a hosted version of the Blockscout Explorer. This strategic move enables the Shiba Inu protocol team to concentrate on the network and its ongoing enhancements, while the Blockscout team takes responsibility for ensuring the explorer’s continuous operation and the complete indexing of the blockchain.
Furthermore, Shiba Inu has alluded to a potential collaboration with multiple third-party bridges aimed at facilitating the seamless integration of numerous other tokens into Shibarium. Additionally, preparations are underway for the renunciation of the Bone contract during this week, and there are plans to expand the network by incorporating more validators.