Dog-themed cryptocurrency Shiba Inu (SHIB) experienced a staggering surge of 198% in whale activity, marking the return of large investors known as whales.
This epic comeback has captured the crypto community's attention, fueling speculation about the factors driving this sudden influx of whale activity and its implications for SHIB's price trajectory.
According to IntoTheBlock data, large transaction volume, which estimates the total amount transacted by whales daily, has increased by 198.92% in the last 24 hours.
Following days of steady declines from highs of 62.92 trillion SHIB on March 5, large transaction volumes fell to 5.74 trillion SHIB on March 10 before recovering.
On March 11, over 17.62 trillion SHIB were transferred in transactions over $100,000, indicating increased activity by large players or whales on this day.
IntoTheBlock classifies large transactions as those involving transfers of more than $100,000. In this scenario, the Large Transactions Volume indicator represents the total amount of crypto transferred in such transactions.
Thus, spikes in large transaction volumes indicate increased activity among whales, whether buying or selling. In the instance of Shiba Inu, an increase in whale activity could indicate increased interest from large investors in the SHIB ecosystem.
The resurgence of whale activity comes amid a broader trend of increased attention on meme-inspired tokens and decentralized ecosystems.
As SHIB continues to gain traction and recognition within the crypto community, whales are capitalizing on this momentum by accumulating significant amounts of SHIB tokens. Whales are known to use periods of dips or consolidation to accumulate tokens at a discount.
At the time of writing, SHIB was down 6.03% in the last 24 hours to $0.00003246.