Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) is down 4.3% on the day, but fundamental developments point to potentially better times ahead for the Dogecoin (CRYPTO: DOGE) rival.
What Happened: U.Today cited IntoTheBlock data that large transaction volumes skyrocketed from 902.36 billion SHIB on Jan. 14 to 5.9 trillion SHIB on Jan. 16, marking a 551.4% growth. This highlights the total amount traded by whales during that period. Meanwhile, based on Shibariumscan data, daily transactions as of Jan. 17 stood at 2.53 million, compared to 1.9 million as of Jan.16.
More IntoTheBlock data shows transactions worth over $100,000 amounted to $279.26 million total volume over the past seven days. Jan. 17 saw 40 such high-value transactions, compared to 24 transactions on Jan. 16.
Arkham intelligence data indicates stockbroking giant Robinhood accumulated 231 billion SHIB tokens in the past 24 hours, taking its total holdings to 36.68 trillion (worth around $350 million) as of Jan.17.
This transaction was brought to notice by Shiba Inu enthusiast named “Lola” who also tweeted,
#SHIB Shiba Inu is TrendingCan we permanently erase that one zero for now please