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

Tomiwabold
Olajide

Shiba
Inu
(SHIB)
recently
surged
in
activity,
coinciding
with
15%
price
jump

Shiba
Inu
(SHIB)
has
recently
experienced
a
dramatic
surge
in
activity,
driven
by
the
reappearance
of
large
holders
or
“whales.”

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.

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.

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.

About
the
author

Tomiwabold
Olajide