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Shiba Inu (SHIB) whales are waking up again, as showcased by the significant on-chain activities. In the last 24 hours, SHIB whales have engaged in large transactions, which have jumped by 67%. This development has sparked hope among market participants.
Shiba Inu whale activity sparks optimism
According to IntoTheBlock data, SHIB whales have transacted a staggering 2.72 trillion SHIB tokens in 52 different transactions in the last 24 hours.
The volume and frequency of these transactions have raised hopes of a possible reawakening of large holders in the ecosystem. Such a development could signal positive sentiment for the dog-themed meme coin and mark a shift from its bearish trajectory.
Arman ShirinyanInterestingly, the whale action has triggered a slight 0.87% increase in price within the last 24 hours. According to CoinMarketCap data, as of this writing, SHIB's price was changing hands at $0.00001213.
However, SHIB investors remain cautious and appear to be monitoring developments. Notably, SHIB’s trading volume is still down by 33.24% to $197.32 million within the same time frame.
Analysts project that if SHIB retail holders actively engage in transactions to mirror the whales, it could trigger bullish movement for the meme coin. It is a development that the ecosystem critically needs to stem its downward spiral trend.
What’s next for SHIB?
While the broader crypto industry has its fair share of bearish pressure, SHIB appears worse off. Shiba Inu has been weathering bearish sentiment for a long time, and the once promising meme coin has declined by a massive 61.65% in the last year.
However, the SHIB chart shows that the meme coin is testing a major "buy zone," which it has not seen since August 2024.
Based on historical precedence, SHIB may experience a 200% surge due to this by zone. Such a scenario may likely inspire investors to repurchase the meme coin.
However, if SHIB fails to hold at its current support level, a sharp decline could occur. If this happens, the next support level to watch is the $0.000008 mark.
Dan Burgin
Vladislav Sopov