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The Shiba Inu (SHIB) meme coin has seen a major surge in large transactions over the past 24 hours. This surge suggests renewed optimism from investors, driven by the meme coin’s latest price rally.
Spike in Shiba Inu whales' activity
According to IntoTheBlock data, Shiba Inu has seen a 28.7% increase in large transaction volume, an indicator of whale activity. In just 24 hours, large investors shifted to 2.6 trillion SHIB tokens, valued at approximately $48.8 million at the current market price.
Large transaction volume estimates the total amount that whales and institutional participants transacted on a particular day. Each transaction is valued at $100,000 or more.
Spikes in this metric indicate increased activity among institutional players, meaning they are either buying or selling.
The surge in whale activity coincides with the recent improvement in the price of Shiba Inu. On Monday, the SHIB price chart formed a bullish setup, with the appearance of a golden cross. This move signals a break from previous selling pressure and a possible shift in bias.
At press time, SHIB was traded at $0.00001369, up 0.9% from the previous day. The price has soared by 5.2% and 8.9%, respectively, within the past week and month.
The price is probably why large investors buy large amounts of Shiba Inu. Their accumulation shows they believe in the meme coin’s potential.
12 billion SHIB moved to European exchange
Intriguingly, a wallet holding over $1.48 million in crypto recently transferred 12 billion SHIB, worth about $160,800, to Bitvavo, a top European crypto exchange.
Many details about this transaction remain unknown. However, the transfer comes right when SHIB's chart hits short-term resistance.
Still, whether the move aims to kickstart a reversal or just test liquidity remains unclear. Analysts claim the market might see some price pressure if Bitvavo's books start taking these tokens. On the contrary, if the asset remains untouched, it is just a reshuffling, but in this market, timing rarely lies.
Vladislav Sopov
Dan Burgin