Shiba Inu (SHIB), a popular meme coin in the cryptocurrency world, has experienced a significant increase in whale activity over the past 24 hours. Data from on-chain analytics platform IntoTheBlock shows a 265% rise in whale transactions during this time period.
This surge in whale activity is particularly noteworthy as it follows a period of extended decline and profit-taking among Shiba Inu investors. The question now arises whether the price of Shiba Inu could bounce back from this point and head towards new highs.
Whale Activity on the Rise After a Decline
Data from IntoTheBlock reveals an intriguing trend in Shiba Inu whale activity in recent weeks. Through the platform’s “Large Transactions” metric, which tracks transactions valued at $100,000 or more, it is evident that whale transactions related to Shiba Inu have been decreasing since the second week of December. This decline in whale activity has been mirrored in the price of the meme coin, which has seen a notable drop since December 7. For instance, on December 10, 18.85 trillion SHIB tokens were moved in large transactions, but by December 22, this number had plummeted by 94% to 1.07 trillion SHIB, indicating the subdued state of whale activity in recent days.
However, the past 24 hours have seen a shift in whale activity and large transactions. According to IntoTheBlock, the volume of large transactions has surged to 3.75 trillion SHIB tokens, a 250% increase compared to the previous 24 hours. This resurgence is not limited to token volumes but also extends to the monetary value of these transactions. In the last 24 hours, large transactions amounted to $84.24 million, a significant 265% jump from the $23.06 million recorded in the preceding 24-hour period.
Market Impact of Increasing Whale Activity – Can SHIB Reach $0.00004?
The increase in whale activity raises questions about the driving force behind this sudden uptick. It is possible that large holders are starting to accumulate SHIB tokens again, possibly in anticipation of a broader market recovery as 2024 comes to a close. This renewed interest from whales could signal a potential rebound in Shiba Inu’s price, especially if accompanied by other bullish on-chain metrics such as increased active addresses and SHIB burns.
Currently, Shiba Inu is trading at $0.00002229, reflecting a 3.1% increase in the past 24 hours. This uptick, though modest, signifies a shift in the selling pressure that has been affecting Shiba Inu in the past week. It also suggests that the recent surge in whale activity is now translating into accumulation and buying pressure. To reach the $0.00004 level, SHIB would need to maintain this buying momentum in the weeks ahead.
In conclusion, the recent spike in whale activity surrounding Shiba Inu hints at a potential turnaround in the meme coin’s price trajectory. As large holders show renewed interest in accumulating SHIB tokens, there is a possibility of a price rebound, provided other positive on-chain indicators continue to support this trend. Investors will be watching closely to see if SHIB can sustain its upward momentum and reach new highs in the coming weeks.
