• 29 May, 2024
News

Shiba Inu’s Market Stability Amidst Frequent, High-Value Transactions

In the fast-paced world of cryptocurrencies, Shiba Inu (SHIB) stands out. Significantly, this past Monday, a colossal $36 million SHIB was shifted between anonymous wallets, as tweeted by Whale Alert, an analyst. However, this shift did not drastically alter the meme coin’s market price. This incident underlines the profound interest major traders and investors still have in SHIB.

Besides the aforementioned transaction, October has witnessed several other massive SHIB transfers. Such frequent, high-value transactions only bolster the claim that the coin remains a magnet for substantial traders. Just a week prior, on October 21, an undisclosed wallet transferred a staggering 4.5 trillion SHIB. At the time, this was worth about $32.1 million.

Moreover, the pattern persisted. On October 20, two independent transfers occurred according to data by Whale Alert. One moved roughly 4.55 trillion SHIB, and the other approximately 4.56 trillion SHIB. 

These transactions were worth around $31.5 million and $31.75 million, respectively. Additionally, earlier in October, there was a notable transaction on the 17th. This transfer involved 4.57 trillion SHIB, equivalent to nearly $31.6 million.

Hence, it’s evident that the recent weeks have been bustling with activity for the SHIB community. The consistent large-scale transfers reveal the level of speculation around this meme coin. It is intriguing to observe that these large shifts haven’t drastically impacted its market value.

Currently, SHIB’s price stands at $0.00000789. The 24-hour trading volume hovers around $131.7M. This showcases a slight dip of -1.20% over the past day. However, the past week paints a brighter picture with a rise of 4.36%. Consequently, with a circulating supply of 590 trillion SHIB, its market cap is an impressive $4.6B.

While the crypto market remains unpredictable, the consistent interest from big traders in Shiba Inu is undeniable. The frequency and scale of these transfers are a testament to its enduring allure in the market, regardless of its meme coin status.

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