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Shiba Inu (SHIB) is at center stage in a major market reshuffle following a week-long drawdown. At the time of writing, data from CoinMarketCap showed Shiba Inu was trading for $0.0000132, up by 1.75% in 24 hours. For what it is worth, this is one of the few times SHIB metrics across price and volume will enter a positive session since the start of September.
SHIB whales unleashed
Amid this recovery, Shiba Inu whales are arguably at the forefront of this revolution after scoring an explosive 68% rally in 24 hours. Per data from IntoTheBlock, this metric has seen a total of $24.97 million transacted by these large wallet account holders.
Arman ShirinyanFor reference, whale transactions as measured by IntoTheBlock start from $100,000. A total of 98 transactions have been conducted over the past 24 hours. In actual token terms, a total of 1.95 trillion SHIB have been shuffled by large whale holders within this time span.
The implications of this whale action have a direct link to the token’s growth. With the boost in whale transactions, price, market capitalization and trading volume have rebounded from earlier critical levels they faced, as reported earlier.
Changing game
As it stands, the success of Shiba Inu is largely obscured by its close correlation with Bitcoin. This observed positive price shift might be traced to BTC's price growth, as of writing time.
However, to properly change the game in SHIB’s favor in the long term, the token will need to maintain its ongoing ecosystem evolution. With the numerous advances looking to make their way into Shibarium, the token has the basis to keep growing overall.
If sustained, SHIB might record a significant breakout from Bitcoin’s influence in the long term, solidifying the chances of a retest of its all-time high (ATH) before the end of this year.
Alex Dovbnya
Vladislav Sopov
Dan Burgin