The cryptocurrency market has been on a rollercoaster lately. Investors were hit with a tragic downfall over the last couple of days. But things seem to be shifting for the market as most assets were painted green. Shiba Inu [SHIB] was trading at $0.00001681 following a much-needed 2.27% surge over the past 24 hours. While several were under the impression that SHIB was suffering, Santiment put out a new perspective.
Shiba Inu saw a slight decoupling from other cryptocurrencies over the weekend, according to the platform. Following this, it has increased by a moderate 5% over the last 48 hours. The fact that exchange whale packages are getting smaller while non-exchange whales keep getting bigger will satisfy holders. More than 6.5 trillion tokens are now stored in 150 of the biggest SHIB exchange wallets than they were a month ago. In the meantime, compared to a month earlier, 150 of the biggest SHIB exchange wallets had 5.53 trillion less coins.
There are several reasons why this is regarded as bullish. The shift of SHIB to other wallets and self-custody indicates a rise in investor trust. Removing cryptocurrencies from exchanges is an indication that owners are unwilling to sell their SHIB. This comes amidst a major downfall in the SHIB market.
As the price of Shiba Inu was recovering, the daily volume of SHIB was in a slump. Over the past 24 hours, Shiba Inu’s daily volume dipped by 41% all the way to $283,364,981.
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Large Transactions Take Front Stage
Large transactions are those that total more than $100,000. Shiba Inu’s large transaction volumes reached $92.42 million in the previous day, indicating 540.04% growth, according to IntoTheBlock statistics. This came up to 5.71 trillion SHIB. Large Transaction Volume calculates the total amount that institutional and whale participants trade on a given day. Increased buying or selling activity among institutional participants is indicated by spikes in large transaction volumes.
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