Why Whales Push Shiba Inu Transactions To A High, Holding Nearly 2 Million SHIB

After gaining 10,000% in the past year, Shiba Inu (SHIB) is on a downward trend with the rest of the crypto market. The meme coin has surged, driven by retail investors seeking the rally, but has been unable to recover after a long period of continued selling pressure.

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

SHIB’s price trends are falling in the 4-hour chart. Source: SHIBUSDT Tradingview

However, data from different monitors seem to suggest a change in dynamics in SHIB holders. Retail investors and speculators seem to be dumping their tokens in favor of bigger investors.

Material Indicators (MI) data, for shorter time frames, has sold record retail investors in the recent relief price action. Although it has fallen into further losses, investors with bid orders around $100 continue to dump their bags.

As can be seen below, these investors have been massively selling pleasure in shorter time frames, while investors with bid orders of about $1,000 to $10,000 buy. Overall orders are still leaning towards negative territory, but the selling pressure seems to be being cushioned by the SHIB whales.

Retail investors (yellow line above) are selling in SHIB’s current price action. Buy larger investors (in red and green). Source: Material indicators.

While major green-class investors continue to buy the downtrend as the chart shows, SHIB’s price should find support. Further data from MI indicates that the cryptocurrency is sitting on support, but with close levels of resistance. This could explain why SHIB appears to be stuck and could remain in its current frenzy at least in the short term.

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

Source: IntoTheBlock via Twitter

Shiba Inu (SHIB) holders on the rise

The average SHIB balance is up 39% in the past 24 hours as the price showed signs of recovery. Trading volume last peaked at a similar level in October 2021, before an unprecedented SHIB price rally to its current all-time high.

The total number of SHIB holders stands at nearly 2 million, which could benefit if the price repeats a similar performance. In addition, Whalestats indicates a multi-month increase in unique merchant activity.

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

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

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