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Shiba Inu Whales Reappear to Boost SHIB Price With 176% Activity Surge

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Sat, 6/07/2024 - 19:45
Shiba Inu Whales Reappear to Boost SHIB Price With 176% Activity Surge
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Shiba Inu (SHIB) has recently experienced a dramatic surge in activity, driven by the reappearance of large holders or "whales."

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According to data from IntoTheBlock, the large transaction volume for SHIB has soared by an impressive 176% in the last 24 hours. This surge in activity has corresponded with a significant 15% jump in the SHIB price.

According to IntoTheBlock data, Shiba Inu's large transaction volume is higher by 176.29% in the last 24 hours, reaching 4.18 trillion SHIB amounting to $62.57 million in monetary terms.

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The recent spike in Shiba Inu’s large transaction volume indicates that SHIB whales are either accumulating SHIB or moving large amounts of it. Spikes in large transactions, which refer to those greater than $100,000, are often a proxy for whale activity and signify that these large holders are actively buying or selling.

Potential reasons for whale activity

Several factors could be driving the recent resurgence in whale activity for Shiba Inu, although the exact reason remains unknown. Improved market sentiment in the broader cryptocurrency market could be encouraging whales to increase their positions in SHIB.

Shiba Inu's price jumped over 16% to reach highs of $0.00001595 in Saturday's trading session as the market rebounded following a bearish downturn in the week. At the time of writing, SHIB was trading up 15.21% in the last 24 hours to $0.00001591.

Article image
SHIB/USD Daily Chart, Courtesy: TradingView

That said, whales might be strategically accumulating SHIB in anticipation of future price increases, taking advantage of current market conditions.

In the short term, eyes are peeled to see if SHIB could sustain its current price rebound given the resurgence of whales as seen in their activity spike.

In this scenario, SHIB might proceed to its next major barrier in the range between $0.000015 and $0.000019. If the reverse occurs, SHIB might resort to an intermediate support at $0.000014.

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