After a spike in large transactions, $65.87 million worth of SHIB have been moved in the last 24 hours.
This is a 406% increase from Nov. 8's figure of 1.57 trillion SHIB being moved in large transactions.
Large transactions are defined as transfers of more than $100,000 and indicate the involvement of whales or large holders.
The Large Transactions Volume indicator shows the total amount transferred in large transactions in crypto terms.
This spike in large transaction volume suggests that whales are actively buying or selling SHIB.
Shiba Inu's price received a boost from the bullish market trend on Nov. 9, reaching highs of $0.00000872 before retracting.
However, the price has since come down by 5.31% and is currently trading at $0.0000081.
Shiba Inu's correlation with Bitcoin, the lead cryptocurrency, has returned after a period of decline.
The 30-day correlation coefficient between SHIB and BTC is now at 94%, indicating a strong positive correlation between the two assets.
This resurgence in correlation suggests that SHIB is likely to continue to follow the movements of Bitcoin in the near future.