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Shiba Inu (SHIB) up 500% in Whale Transactions: What's Happening?

Fri, 09/08/2023 - 11:58
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Arman Shirinyan
Shiba Inu saw solid 500% increase in amount of whale transactions
Shiba Inu (SHIB) up 500% in Whale Transactions: What's Happening?
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Shiba Inu's price has not been showing any notable performance on the market, but what is actually intriguing is the sudden spike in whale transactions. According to data from IntoTheBlock, the number of large transactions — often dubbed as "whale" transactions — on the Shiba Inu network has catapulted from a mere 13 to an astonishing 74. That is a jaw-dropping 500% increase. So, what's cooking in the Shiba Inu kitchen?

As of the latest data, Shiba Inu is trading at approximately $0.00000762. While the price seems to be in a low-volatility phase, the uptick in whale activity could be a harbinger of something big.

SHIB Chart
Source: TradingView

Often, when whales start moving, they are not just splashing water; they are making waves. In crypto lingo, this could signify a period of accumulation. Whales might be stockpiling SHIB tokens, perhaps in anticipation of a forthcoming price rally or some other significant event.

Now, why would whales choose a period of low volatility for accumulation? Simple. It is less noisy, and the market is less likely to react immediately to large buy orders, allowing for a more discreet accumulation process. It is like quietly filling your plate at a buffet before anyone else notices the best dishes are running out.

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But let's not get carried away. While increased whale activity is often a bullish sign, it is not a guaranteed ticket to the moon. Market dynamics are complex and influenced by a myriad of factors. However, the timing is interesting, to say the least.

So, should you follow the whales? That was a personal decision and should be made based on thorough research and risk assessment. But keeping an eye on the token will not cause any harm.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.