According to U.Today, in less than 48 hours, the price of Shiba Inu (SHIB) experienced significant volatility, falling by 23% and then rising by 28%. This fluctuation brought the cryptocurrency's price to $0.000011, a level not seen since March of this year. The long wick on the Shiba Inu chart indicates that buyers found this price attractive.
On-chain data reveals that a substantial amount of SHIB was traded during this period of price turbulence, particularly by large investors known as whales. These major players are influential in moving the price and setting trends in the market. According to IntoTheBlock, the volume of large transactions in the last 24 hours totaled 9 trillion SHIB, equivalent to $119.82 million. Only transactions of at least $100,000 in SHIB were considered, and there were 185 such transactions during this period. For comparison, the previous day's turnover was just 1.53 trillion tokens, marking an increase of 588%.
Currently, the price of Shiba Inu stands at $0.00001388, with a market cap of $8.18 billion, securing its position as the 13th largest cryptocurrency by market capitalization. The future price trajectory of Shiba Inu remains uncertain, with questions about whether whale activity will continue to influence its value.
