Whales have been stocking up on Shiba Inu in past hour, bullish or bearish in April?

By Selena On Apr 12, 2023

Many significant Shiba Inu transactions were discovered on Etherscan in the last hour, transferring nearly 35 billion tokens.

Several investors have purchased SHIB in the billions; two transfers moved over 10.37 billion meme coins. One of these transactions was completed through the Coinbase exchange. The third transfer moved almost 11 billion Shiba Inu, and the final one, likewise from a Coinbase wallet, moved 2.1 billion SHIB.

Source: Etherscan

Shiba Inu whales have significantly reduced their trading activity in recent weeks, according to Santiment data analytics. The graph below demonstrates that the number of major transactions involving SHIB has declined since the year-to-date market peak in February. Since February 5, the number of Shiba Inu big transactions has dropped by 94%, from 583 to 35 as of April 12.

Shiba Inu (SHIB) Price vs. Large Transactions. April 2023 | Source: IntoTheBlock

The big transactions metrics track the daily trades for $100,000 or more on a blockchain network. A persistent fall may indicate significant institutional investors losing faith in SHIB’s short-term price prospects. Similarly, the Shiba Inu network’s declining tendency in the new-user acquisition is a possible source of concern.

The Shiba Inu pricing has been attempting to rebound from yesterday’s 3.7% drop during the last 24 hours. The second most popular meme coin is currently up 2% on the Binance exchange. SHIB is currently trading back in the $0.00001094 level, where it has been for the past week.

SHIB/USD 4-hour chart | Source: TradingView

SHIB influencer Lucie Sasnikova announced earlier today that Shibarium testnet Puppynet had attained new benchmarks. According to her tweet, the total number of transactions has surpassed 2.2 million. The daily transaction count has surpassed one million. The total number of connected wallets has risen to 365,282.

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