Shiba Inu’s Large Transactions Increase Boosted by Institutional Investors

Shiba Inu’s Large Transactions

Data from IntoTheBlock shows that the volume of Shiba Inu transactions valued at over $100,000 has increased to $389.89 million, driven by institutional investors.

The surge, which is now at 81% of all on-chain transaction volume, is at a multi-month high showing heightened interest in the token by the whales. 

The news comes as the SHIB token reclaims the top 10 spots as the most purchased digital asset and the most used smart contracts by the top 1,000 Ethereum addresses. WhaleStats also ranks SHIB as the largest token holding among the deep-pocketed accounts.

SHIB is up 6.05% in the past day, trading at $0.00003325 after bouncing back from a low of $0.0000294. The token has gained 62.66% in the past week.

SHIB has also returned to the profitability levels of between 30% to 51% amid announcement by its developers that it would launch a virtual Land sale in the upcoming metaverse.

Source: Twitter

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