As a seasoned crypto investor with scars from the bear market of 2018 etched deep into my soul, I can’t help but feel a glimmer of hope when I see increased whale activity in Shiba Inu (SHIB). The sudden surge in large transactions and the subsequent price jump have caught my attention. It’s like watching a game of cat and mouse, where the whales are the cats and we, the investors, are the mice, scrambling for those precious coins.
Today brings a fresh turn in the Shiba Inu (SHIB) community with an uptick in whale activity reported over the past 24 hours. As per on-chain data, the well-known meme-inspired cryptocurrency has seen a surge. For example, IntoTheBlock’s data reveals that approximately 1.3 trillion SHIB were moved in transactions worth $100,000 or more within the past day, marking a 115% increase compared to the previous day.
In monetary terms, we observed an enhancement amounting to approximately 10.15 million dollars in the number of significant transactions. There were a total of 62 such transactions, which translates to each large transaction averaging around $163,709 – representing a substantial 63% increase compared to the usual average.
Shiba Inu (SHIB) price outlook
The mysterious surge in whale transactions can be better understood when considering the recent increase in value for the Shiba Inu token. Over the last day, this well-known meme-based cryptocurrency has risen by 5.62%, peaking at $0.0000145 – a price point not seen for a month.
Most notably, the cost of the second-largest meme token has surpassed its previous resistance point established following the surge in March. For approximately half a year, this threshold had acted as a robust obstacle for the price of the meme token. However, after an increase of more than 8.15% since the start of the year, the long-awaited breakthrough has occurred.
As a researcher, I’m now directing my focus towards the potential behavior of SHIB near the $0.000016 mark. This could potentially serve as the next significant resistance point. If this level is surpassed, the following major target appears to be around $0.0000183 per SHIB, a level that historically has proven challenging for the popular meme coin to breach.
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2024-09-20 16:03