Shiba Inu Whales Move $390M On-Chain

Large crypto holders have piled back into meme-based cryptocurrency Shiba Inu (CRYPTO: SHIB) as it reclaimed a $16 billion market capitalization.

What Happened: According to data shared by IntoTheBlock, Shiba Inu saw an on-chain transaction volume of $389.89 million on Thursday — a multi-month high for the cryptocurrency.

Whales are back in $SHIB
The volume of on-chain transactions greater than $100k recorded a multi-month high yesterday with 389.89m.
These transactions account for 81% of the total on-chain volume.@Shibtoken analytics are available here: https://t.co/XrkLyI1LX4 pic.twitter.com/dMD5dplKxd

— IntoTheBlock (@intotheblock) February 9, 2022

Data from the platform also revealed the value of Shiba Inu transactions over the past seven days exceeded $1.1 billion.

Large value whale purchases are not uncommon for Shiba Inu, which is still one of the most popular tokens held by large players in the crypto space.

Data from wallet tracking website Whale Stats, revealed that excluding Ethereum (CRYPTO: ETH), Shiba Inu is currently the largest holding of the top 1,000 Ethereum wallets.

The coin has rallied 50% over the past seven days after trading horizontally for three weeks. Despite still being 64% down from its all-time high of $0.00008616, more than 48% of Shiba Inu holders are still making money at its current price.

SHIB Price Action: As of Friday morning, Shiba Inu was trading at $0.00003177, down 1.16% in the last 24 hours. At publication Friday morning, the cryptocurrency had a daily trading volume of $2 billion.

Photo by Quantitatives.io on Unsplash