Why Whales Push Shiba Inu Transactions To Highs, Nearly 2M Hold SHIB

After a 10,000% profit over the past year, Shiba Inu (SHIB) trends to the downside with the rest of the crypto market. The meme coin had a surge driven by retail investors looking to ride the rally but has been unable to recover after a long period of persistent selling pressure.

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At the time of writing, Shiba Inu (SHIB) trades at $0.000022 with a 6% and 30% loss in 24 hours.

However, data provided by several monitors seems to suggest a change of dynamic in SHIB holders. Retail investors and speculators appear to be dumping their tokens, in favor of larger investors.

Data from Material Indicators (MI), for lower timeframes, record retail investors have been selling into the recent relief price action. Although it has reverted into further losses, investors with bid orders from around $100 continue to dump their bags.

As seen below, these investors have been massively selling funs in lower timeframes while investors with bid orders from around $1,000 to $10,000 buy. Total orders still trend into negative territory, but selling pressure seems to be absorbed by SHIB whales.

However, while large investors in the green class, as the chart shows, continue to buy the downtrend, SHIB’s price should find support. Further data provided by MI indicates the cryptocurrency is sitting at support, but with close levels of resistance. This could explain why SHIB seems stuck and could remain in its current rage, at least, in the short term.

IntoTheBlock records a surge in trading volume for Shiba Inu (SHIB). The metric accounts for 81% of total on-chain volume, the monitor shows, with transactions greater than $100,000 for a monthly high of $389 million. In other words, SHIB whales have been increasing their activity as the price rose to $0.000034.

Shiba Inu (SHIB) Holders On The Rise

The average SHIB balance has risen 39% in the last 24-hours, as the price showed potential signs of recovery. The trading volume last saw a similar spike back in October 2021, before an unprecedented SHIB price rally to its current all-time high.

Total SHIB holders stand at close to 2 million which could benefit if the price repeats a similar performance. In addition, Whalestats indicates a multi-month surge in activity from unique traders.

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The cryptocurrency could benefit from a new product. Crypto exchange Binance offered a chance to claim a share of $100,000 in SHIB as part of a welcoming offer for news users. The official Twitter handle for Shiba Inu said:

Since last year, SHIB has been a star for crypto adoption. Is clear to understand why #BinanceLovesShib and why they have launched a campaign to make getting into Shib even more attractive!