Per CoinMarketCap data, Shiba Inu (SHIB) is demonstrating a 92% jump in trading volumes despite a recent market drop. The cryptocurrency market is witnessing another bout of selling brought on by fresh insolvency fears following the FTX fallout.
Twenty-one trillion SHIB, or 21,077,273,261,062 SHIB worth $184,023,792, have changed hands in the last 24 hours. Higher volatility often leads to higher trading volumes for most crypto assets as traders buy or sell large amounts to make gains.
Thus, a rise in SHIB volume may have been caused by investors accumulating SHIB at its current lows. At the time of writing, Shiba Inu was down 4.57% at $0.0000086.
SHIB furthered its decline on Monday after bulls could not make headway past the $0.0000092 mark on Nov. 20. The RSI has flattened below the 50 mark, suggesting possible range trading before the next move. As SHIB continues to oscillate within its current range, whales who are typically known to take advantage of periods of dips or consolidation are accumulating.
In the past day, WhaleStats reported SHIB to be among the top purchased tokens for the 500 biggest ETH whales.
SHIB large transactions up 400%
Shiba Inu large holders, or whales, are making moves on the market as the number of large transactions is seeing its biggest increase in weeks.
According to IntoTheBlock, large transaction surges are typically linked to increased activity from whales, who are either buying or selling, and a transaction is generally more than $100,000. In the last 24 hours, large transactions were up a whopping 400%.