In less than 48 hours, amid chaos, extreme fear, greed and uncertainty in the crypto market, the price of Shiba Inu (SHIB) fell by 23% and rose by 28%. As a result, the quotations of the popular meme-inspired cryptocurrency hit $0.000011 — a level not seen since March this year. And one thing's for sure, buyers appreciated this price for SHIB, as the long wick on the Shiba Inu chart indicates.

Thanks to on-chain data, we can estimate how much SHIB was traded in the midst of this price turbulence. Especially by the biggest players — whales, as they are called in the financial markets — who are responsible for moving the price and setting the trends here.

Thus, according to IntoTheBlock, the volume of large transactions in the last 24 hours totaled 9 trillion SHIB, or $119.82 million. For these calculations, only transactions of at least $100,000 in SHIB were taken into account, and there were 185 of these in the period under review. For comparison, the previous day's turnover on SHIB was just 1.53 trillion tokens, an increase of 588%.

Currently, the price of Shiba Inu is $0.00001388 and its market cap is $8.18 billion, which guarantees the popular meme-inspired cryptocurrency the 13th place in the top ranking.

Will the whale activity continue? And if not, what will happen to the price? The answers to these questions will provide insight into the future price trajectory of Shiba Inu.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.