As a seasoned analyst with over two decades of experience in the crypto market, I’ve seen my fair share of whale activity. However, what’s happening with Shiba Inu (SHIB) is unlike anything I’ve witnessed before. The sudden surge in large transactions, more than double the norm, suggests that major players are indeed accelerating their efforts with this meme-inspired token.
In the last day, Shiba Inu (SHIB) has noticed some uncommon behind-the-scenes actions due to data from IntoTheBlock suggesting a significant surge in whale activity. The meme-inspired token has experienced an uptick of over 74.1% in large transactions volume within the past 24 hours.
95 trillion Shiba Inu coins worth approximately $24.97 million were exchanged in transactions valued at least $100,000 each, with a total of 98 such large trades occurring over the past 24 hours, averaging out to around 19.89 billion SHIB or $254,795 worth of tokens being traded.
Based on my years of experience in the cryptocurrency market, I believe that a value nearly double the usual could be indicative of increased intensity from key players in their involvement with the Shiba Inu token. This surge in activity might suggest they are ramping up their efforts and strategies to capitalize on potential growth opportunities.
Shiba Inu (SHIB) price outlook
To better understand this unexpected surge in activity, it’s beneficial to examine the price trend of SHIB. Over the last three days, the cost of the well-known meme-inspired cryptocurrency has climbed approximately 4.4%, rising from $0.0000127 to a high of $0.0000133.
As a crypto investor, I’m quite optimistic about recent developments with Shiba Inu. Despite the 13.5% drop in its price over the last fortnight, it’s encouraging to see buyers stepping in to safeguard a crucial price point. Remarkably, bulls have managed to keep SHIB trading above the $0.000013 zone for seven consecutive weeks now.
As an analyst, I can confidently say that the surge in whale transactions undeniably impacts the price trajectory of SHIB. To make accurate market forecasts, it’s crucial to closely monitor the hidden dynamics within the on-chain ecosystem of Shiba Inu.
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2024-09-09 17:06