Shiba Inu Whale Transactions Up 84% as Volatility Spikes

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Last Updated on 23 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Shiba Inu has recorded a spike in whale transactions in the last 24 hours. Data from on-chain analytics platform, IntoTheBlock shows that the meme token has recorded an increase of 84% in large or whale transactions on its network.

The platform says that this increase in whale transactions indicates an increase in whale activities which includes buying and selling large amounts of the crypto token, with each transaction reaching $100,000 or more.

Shiba Inu had in early August recorded the highest number of whale transactions in 4 months, which led to a price increase of 35%. The move separated SHIB from other cryptocurrencies, making it stand out at the time, as whale activity increased dramatically. Is a similar scenario about to play out?

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Volatility skyrockets

Apart from Shiba Inu’s increase in whale transactions, another key metric that has increased on the network is the volatility. As at the time of reporting this story, the 30-day volatility has increased by 113%, which is the highest of any cryptocurrency on IntoTheBlock’s top 10 cryptocurrencies.

Historically, Volatility has been an indicator of major price changes to come, which may be negative or positive. With the increase in large transactions though, this could be suggesting a positive move is underway for SHIB which is down significantly from its October 2021 all-time high.

Analysts Say SHIB Could be Prepping for Breakout

The crypto market seems full of uncertainty as cryptocurrencies have seen a major crash. SHIB may be getting ready to move differently as it did in August though, and the increase in the number of large transactions is just one indication of it.

Analysts have also predicted recently that the meme token may be preparing for the next breakout. One of them, a veteran trader, Peter Brandt says that if the token can hold its price at $0.00001321, the price is likely to break out.

The combination of whale activity and a spike in volatility means that this scenario may soon play out, but it isn’t clear when this will happen, and there is a chance it may not happen. SHIB currently trades at $0.00001327.