In an unprecedented surge of whale activity, Shiba Inu (SHIB) has witnessed an astonishing 1,100% increase in transactions involving massive volumes of the token. Data from IntoTheBlock reveals that over the past 24 hours, whale transactions involving SHIB have exploded, reaching an eye-popping $84.86 million.
Within this short time frame, a staggering total of 10.36 trillion SHIB tokens exchanged hands through 57 transactions, each exceeding $100,000. This surge is in stark contrast to the previous day's numbers, where only 12 transactions involving large volumes of SHIB occurred, and the total token volume did not surpass one trillion.
What makes this surge even more intriguing is its occurrence amid a rather subdued price action for the Shiba Inu token. Despite marketwide conditions leading to a nearly 5% decline in SHIB's value over the last 24 hours, with prices dropping below $0.000009 per token, there is notable resilience. Notably, during this fall, SHIB's price did not revisit the local minimum set by the previous Friday's drop to $0.00000879.
Is bottom in for Shiba Inu here?
On that day, on-chain data revealed significant whale activity, with 5.15 trillion SHIB tokens exchanged in large transactions. Fast forward to the last 24 hours, and this volume has nearly doubled. The question that now hangs in the air is whether the current SHIB price levels have marked the bottom, prompting whales to double down on their token purchases in this zone.
As the market speculates on the implications of this surge in activity, the Shiba Inu community is left wondering: has SHIB finally found its bottom, and are the whales signaling a bullish reversal?