Shiba Inu Sees Major Shift In Large Transactions Processed Through Network | CPT PPP Coverage
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Shiba Inu Sees Major Shift In Large Transactions Processed Through Network appeared on www.benzinga.com by Bibhu Pattnaik.
According to the crypto analytics firm IntoTheBlock, cryptocurrency Shiba Inu SHIB/USD is experiencing a substantial change in large transactions.
On Saturday, IntoTheBlock reported that the vast majority of SHIB holders continue to remain underwater on their investments in the asset.
Shiba Inu’s current large-transaction momentum indicator is down 3.08%, giving a bearish signal.
However, 67% of Shiba Inu holders have held on to their SHIB for over a year, with 30% owning the top meme token for between one month and 12 months. The remaining 3% of SHIB holders have owned their Shiba Inu for less than a month.
The report added that only 30% of SHIB holders are making money at the asset’s current price, compared to 5% breaking even and 65% sitting on losses.
Read Also: Shiba Inu Burn Rate Rockets 2400% After Shibarium Goes Live
At the time of writing, Shiba Inu was trading at $0.00001052, down by 5% in the last week. The cryptocurrency continues to remain more than 87% down from its all-time high of $0.00008616.
Last week, nearly 25 trillion SHIB tokens, worth a quarter of a billion dollars, securely moved off one of the crypto exchanges and were placed in cold storage, according to new on-chain data.
In addition, crypto analytics firm Santiment noted that 24.9 trillion SHIB tokens were transferred into a self-custody wallet in six separate transactions by an unknown Ethereum ETH/USD address.
Earlier this month, SHIB became the most traded token among the top ETH whales. Blockchain-tracking service Etherscan reported that a large crypto whale accumulated 118,058,494,947 SHIB worth $1.34 million.
Read Next: 5 Things That May Surprise You About Ethereum Creator Vitalik Buterin
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