Shiba Inu (SHIB), one of the leading meme cryptocurrencies, has experienced a lot of activity from "whales." Specifically, there have been more large transfers than on any day since June 6, according to the data provided by analytics platform Santiment.
At the same time, the total amount of Shiba Inu held on exchanges increased by 1.06 trillion SHIB. This essentially means that a lot of coins are now available on exchanges (possibly for selling).
Due to these factors, the token is likely to experience more volatility in the next few days, Santiment warns.
Will SHIB regain its momentum?
According to CoinGecko data, SHIB is up by nearly 6% over the past 24 hours. The token's market cap is currently sitting just below the $5 billion mark.
As reported by U.Today, a moderate relief rally could be in the cards for the popular meme coin, but traders should not anticipate a sharp price spike.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team