Emily Walker
Shiba Inu (SHIB), a prominent meme coin in the cryptocurrency market, has experienced a significant increase in whale transactions over the last day. Data from the on-chain analytics service, IntoTheBlock, indicates a remarkable 265% rise in these large transactions within this timeframe.
This uptick in whale activity is particularly noteworthy, given the recent trend of decreasing prices and profit-taking by Shiba Inu investors. It raises the question of whether the price of Shiba Inu might see a recovery and potentially reach new highs.
Whale Transactions on Shiba Inu Increase After a Period of Decline
According to IntoTheBlock, whale activity related to Shiba Inu has shown an intriguing pattern over the recent weeks. The data highlights this trend through their “Large Transactions” metric, which tracks transactions of $100,000 or more.
This metric indicates that whale transactions for Shiba Inu have been on a downward trajectory since early December. This drop in whale involvement is echoed in the price movements of the coin, which have reflected a decline noted since December 7. For instance, large transactions peaked at 18.85 trillion SHIB tokens on December 10 but plummeted approximately 94% to 1.07 trillion SHIB by December 22, highlighting a quiet period in whale trading activity over the previous days.
In a significant development, the last 24 hours have witnessed a rebound in whale trading and large transactions. As detailed by IntoTheBlock, the volume of these large transactions soared to 3.75 trillion SHIB tokens, marking a 250% increase from the previous day. This increase expands beyond just token quantity; the financial value of these transactions surged to $84.24 million, a striking 265% rise from the $23.06 million recorded in the earlier 24-hour period.
Implications of Increased Whale Activity – Is $0.00004 Within Reach for SHIB?
The rise in whale activity prompts speculation about potential reasons behind this acceleration. It might indicate that major holders are starting to accumulate SHIB tokens once more, possibly in anticipation of a wider market recovery as we approach the end of 2024. This renewed buying interest from whales could signal an early indication of a price rebound for Shiba Inu, especially if it aligns with other positive metrics, such as increased active addresses and SHIB token burns on-chain metrics.
Currently, Shiba Inu is priced at $0.00002229, reflecting a modest gain of 3.1% over the last day. While this rise is small, it indicates a shift away from the selling pressure that has affected Shiba Inu recently. Additionally, it strengthens the notion that recent whale activity has transitioned into accumulation and buying momentum. For SHIB to reach the $0.00004 mark, it needs to maintain this buying trend in the weeks ahead.