As a seasoned researcher with a penchant for deciphering market trends and patterns, I find the recent surge of Shiba Inu (SHIB) both fascinating and intriguing. Having closely observed the cryptocurrency market’s ebb and flow over the years, I can confidently say that this 924% increase in large holder inflows is a telling sign of significant buying activity – a phenomenon not unfamiliar to those who have witnessed the rise and fall of various digital assets.
The popular dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a 924% rise in large investor inflows. This refers to funds being transferred into wallets owned by ‘whales,’ a term for large investors. This substantial growth is taking place alongside a significant price increase, which has attracted the interest of the market.
Significant purchasing actions are being observed as large holders continue to deposit funds into their wallets. This is likely due to the fact that a significant number of these wallets make acquisitions through centralized exchanges before moving their assets to offline, secure storage.
As an analyst, I’ve noticed an impressive surge in the inflow of large Shiba Inu holders this week. Specifically, data from IntoTheBlock indicates that the number of large holders has jumped significantly, rising from approximately 603.55 billion SHIB on September 25 to a staggering 3.79 trillion SHIB on September 26. This equates to an astounding increase of nearly 925%.
After a phase of stabilization, Shiba Inu’s (SHIB) price surged past significant barriers, suggesting an upward market movement. This surge can be attributed to a rise in buying interest from both individual and institutional investors, with the support coming from ‘whale’ activities as well.
Based on information from IntoTheBlock, there’s been an enormous 372.6% increase in significant transaction activity for Shiba Inu over the past day. This spike indicates that whales have transacted approximately $169.27 million or 9.07 trillion SHIB in cryptocurrency terms.
Shiba Inu soars to fresh highs amid whale activity surge
Yesterday, the price of Shiba Inu saw a significant rise during trading. This upward trend persisted into today’s session, taking the price to a peak of approximately $0.00001976.
Currently, SHIB is experiencing a 17% increase over the past 24 hours, reaching $0.00001974. As reported by Santiment, this surge in Shiba Inu‘s price to a ten-week high can be attributed to significant trading activity, token circulation, and large transactions made by whales.
Based on Santiment’s analysis, Shiba Inu has seen a 43% surge over the past nine days, outpacing other altcoins and meme coins in terms of on-chain activity. Notably, the volume, circulation, and whale transactions have all reached their highest points in ten weeks. Furthermore, SHIB‘s social influence has grown. This trend indicates that there is a significant fear of missing out (FOMO) surrounding Shiba Inu at the moment, which could potentially signal a local peak approaching.
To exceed its previous high of $0.000043, reached in February, traders are advised to be patient until the overly optimistic market sentiment cools down a bit, according to Santiment’s analysis.
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2024-09-27 14:38