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Over the past 24 hours, Shiba Inu (SHIB) has seen some unusual activity behind the scenes as, according to data from IntoTheBlock, there has been a huge increase in whale activity, with the popular meme-inspired token experiencing a spike of more than 74.1% in the volume of large transactions over the past 24 hours.
Arman ShirinyanThis has resulted in a total of 1.95 trillion SHIB being traded in large transactions of at least $100,000. In terms of money, this figure reached $24.97 million. There were 98 such large trades totaling an average of 19.89 billion SHIB, or $254,795 in tokens traded over the last 24 hours.
This is two and a half times higher than normal and could be a sign that major players are accelerating their efforts with the Shiba Inu token.
Shiba Inu (SHIB) price outlook
To provide more context for this sudden whale of activity, it is worth looking at SHIB's price chart. Over the past three days, the price of the popular meme-inspired cryptocurrency has soared about 4.4%, going from $0.0000127 to $0.0000133 at its peak.
This is a great development considering that the price of Shiba Inu has lost 13.5% in the last two weeks. It is also major because buyers have defended the key price level, and bulls are pushing the price of SHIB above the $0.000013 zone for the seventh consecutive week.
The increase in whale transactions is definitely affecting the price chart of SHIB, and for further market predictions, one should first keep an eye on the actions behind the scenes, in the on-chain realm of Shiba Inu.
Alex Dovbnya
Denys Serhiichuk