2.23 Trillion SHIB in 24 Hours: Shiba Inu Price Remains in Negative Territory
In the past 24 hours, the Shiba Inu cryptocurrency has seen a massive transaction volume of 2.23 trillion SHIB, providing insight into the trading activity of major holders known as whales.
According to data from IntoTheBlock, Shiba Inu’s large transaction volume amounted to $36.81 million or 2.23 trillion SHIB in the past day, representing a significant increase of 60.73%. Despite this high level of activity, the price of Shiba Inu continues to decline, mirroring the overall volatility of the cryptocurrency market.
At the moment, SHIB is down 4.83% in the last 24 hours, trading at $0.00001689, and down 12.83% for the week.
The broader cryptocurrency market experienced a decline on Friday due to reports of an investigation into stablecoin issuer Tether by the U.S. government. Paolo Ardoino, Tether CEO and CTO at Bitfinex, refuted the report, but the market still suffered losses, with many digital assets trading in the red.
The surge in large transaction volume for Shiba Inu may indicate increased activity among SHIB whales, as they take profits during this uncertain market environment. This suggests that major players are actively buying or selling SHIB, positioning themselves for potential market shifts in the future.
Currently, Shiba Inu’s price is trapped within a range between its 50-day and 200-day moving averages at $0.00001637 and $0.00001873, respectively. A break in either direction could determine the short-term trend for the price of Shiba Inu.
In other news, ShibaSwap, the decentralized exchange for Shiba Inu, has undergone a major upgrade. ShibaSwap v2 has been released, offering users a new rewards structure, smart swap capability, easy migration, pair-level analytics, and concentrated liquidity pools.
The upgraded concentrated liquidity pools allow users to provide liquidity within specific price ranges, offering greater flexibility and efficiency, as well as the potential for improved rewards.
With this upgrade, users can now claim rewards based on their liquidity contributions without needing to withdraw their liquidity. They can also view the potential rewards within the APR columns on the list of liquidity pools page. Additionally, existing liquidity providers can easily migrate from old pools to the new ones.
The introduction of the Smart Swap feature enables users to switch between the V1 and V2 pools to execute swaps at the best possible prices. Detailed insights into volume, total value locked (TVL), and fees earned will also empower users to make informed decisions.
Overall, despite the large transaction volume and the upgrade to ShibaSwap, the price of Shiba Inu continues to face downward pressure, reflecting the ongoing volatility of the cryptocurrency market.