Shiba Inu's network activity may seem high, but it is only partially true
Around three trillion Shiba Inu #tokens were moved in the last 24 hours, suggesting substantial movement on the chain at first glance. However, a deeper look reveals that this activity deviates significantly from the regular volume for the asset.
A notable increase from the seven-day low of 101 transactions occurred over the last 24 hours with 127 large $SHIB transactions. This rise suggests increased attention or activity, but why is it occurring?
Approximately two trillion tokens were exchanged in these #transactions involving SHIB. Even though this figure is astonishing, it is crucial to contrast it with weekly patterns. The seven-day peak, which exceeded the current daily volume by a factor of two, reached 21 trillion SHIB on June 11. This implies that the surge we are seeing now is nothing but a small part of the network's regular activity.
#SHIB/USDT Chart by TradingView
The price of SHIB stayed somewhat steady despite significant fluctuations, with only minor chart modifications. This stability in the middle of such large transfers could mean that internal transfers or wallet reorganizations had more to do with these transactions than a market-driven factor.
The cause could be exchanges shifting money, major investors adjusting their holdings or even getting ready to make an announcement. It is difficult to determine the precise cause in the absence of clear indicators. However, the consistency of SHIB's price suggests that the event was not triggered by the market.
Although significant transfers may foreshadow future changes on the market, the stability of the situation at the moment points to a different underlying reason. Watch out for additional information or clarification from significant holders or #exchange investors.