Bitrabo Editorial
There’s been a remarkable surge in Shiba Inu whale activity, with transactions increasing by an astounding 240% this week. Major investors are transferring trillions of SHIB tokens, which may suggest that the price of Shiba Inu could continue its previous upward trend towards $0.00002.
Surge in SHIB Whale Transactions
Recent statistics from IntoTheBlock indicate a significant 269% rise in Shiba Inu whale transactions. On October 20, large transactions by SHIB whales reached around 925.79 billion. Within just one day, this volume soared to 3.42 trillion, effectively tripling the amount seen the prior day.
Given an average SHIB price of $0.000018, whales moved SHIB tokens worth over $61.5 million within a single day. Notably, this isn’t the most significant transfer volume recorded for SHIB in October alone.
On October 9, there was a spike to 4.15 trillion in large transactions, and on October 11, whale movements reached 3.78 trillion. This indicates a growing interest in the popular meme coin, suggesting that Shiba Inu whales may have a bullish outlook.
In recent months, SHIB has experienced a rather slow momentum with minimal gains and a lack of significant price highs. However, this notable uptick in whale sentiment might be a potential trigger for a price rise for Shiba Inu.
The rise in whale transactions also denotes a change in overall market sentiment, moving from a negative to a more positive outlook. As interest in Shiba Inu continues to swell, its notorious volatility does not seem to deter demand.
Is $0.00002 Within Reach for SHIB?
Shiba Inu has been striving to break through the $0.0002 price barrier recently, but has not succeeded after several tries. As the second largest meme coin by market cap, SHIB has consistently performed well in the cryptocurrency market, frequently following the trend set by Dogecoin, the leading meme coin.
Despite unfavorable market conditions for Shiba Inu, the recent rise in whale activities by 269% might provide the necessary momentum to propel its price to $0.00002. Earlier this year, Shiba Inu traded above $0.00004, reaching new highs as demand surged.
This high demand was temporary, but the price remained around the $0.00002 mark, with some slight gains. Currently, the price is stabilizing around $0.000018. Although recent sluggish movement might worry some investors, the latest increase in whale activity could indicate a possible price breakout is on the horizon.