Bitrabo Editorial
Shiba Inu (SHIB) whales are back in action as they recently engaged in a significant transaction involving more than 1.3 trillion SHIB tokens, sparking discussions about the potential impact on the market sentiment.
Resurgence of SHIB Whales
Over the past day, there has been a noticeable increase in whale activity within the Shiba Inu community, with large token holders transferring over 1.38 trillion SHIB tokens across major cryptocurrency exchanges. Data from IntoTheBlock indicates that this surge was driven by whales holding SHIB accounts valued at $100,000 and above.
Furthermore, whales have conducted transactions totaling around 2.12 trillion SHIB tokens in the last week alone. This uptick in market activity follows a significant transaction volume of 8 trillion SHIB tokens executed by whales earlier in August.
This sudden spike in market engagement suggests that whales are returning after a period of inactivity. These substantial holders often play a crucial role in triggering trend shifts in meme coins.
With signs of potential stabilization in Shiba Inu, whales may be positioning themselves for a future price increase. By acquiring a large number of tokens at a low price, these holders could potentially profit when the cryptocurrency’s value rises.
Typically, transactions of this magnitude can influence a cryptocurrency’s price, especially in the case of meme coins that are heavily influenced by social sentiment and market activities. The recent resurgence in whale transactions might indicate a bullish trend.
However, large transactions could also be interpreted as a form of market manipulation, where whales manipulate the price of a cryptocurrency to create a false sense of stability, potentially leading to a more bearish outlook.
Despite the recent surge in whale activity, the price of SHIB has not experienced significant fluctuations and is currently trading at $0.0000149, according to CoinMarketCap.
Shiba Inu Climbs the Social Activity Charts
Shiba Inu’s social activity has seen a resurgence, propelling it to the second position among meme coins in terms of social engagement. Earlier this year, the dog-themed meme coin gained attention for being one of the most searched cryptocurrencies on Google.
Lucie, Shiba Inu’s lead marketer, shared in a recent post on X (formerly Twitter) that the cryptocurrency has reclaimed its second position, marked by a 3.95% increase in social dominance, a surge of 3.76 million in social interactions, and a rise of 20,300 in the number of social posts.