Shiba Inu Whale Transactions Spike 265% In Last 24 Hours, Can SHIB Drive Toward $0.00004?

by

As a seasoned researcher with years of experience in the crypto market under my belt, I have witnessed countless ebbs and flows in this dynamic space. The recent surge in Shiba Inu (SHIB) whale activity has certainly piqued my interest, especially following a period of extended decline among investors.

In recent hours, there’s been a significant rise in whale interactions with Shiba Inu (SHIB), one of the meme coins generating buzz in the cryptocurrency world. Data from IntoTheBlock, an on-chain analysis tool, indicates a staggering 265% upsurge in whale transactions over the past day.

Remarkably, the increase in whale activity is significant given that it follows several days of downturn and profit-taking among Shiba Inu investors. This raises the question if the Shiba Inu’s price might bounce back at this point and potentially reach new peaks again.

Shiba Inu Whale Activity Picks Up After Notable Decline

According to IntoTheBlock’s data analysis, there seems to be an intriguing pattern emerging in significant Shiba Inu transactions over the past few weeks. This pattern is highlighted using their “Large Transactions” indicator, which offers statistics on transactions worth $100,000 or more.

As a crypto investor, I’ve noticed an intriguing pattern in Shiba Inu transactions involving whales since the second week of December. The number of large-scale transactions has significantly decreased, and this trend seems to be reflected in the coin’s price, which has experienced a substantial drop since December 7. For instance, on December 10, the Shiba Inu network registered a movement of approximately 18.85 trillion SHIB tokens in large transactions. However, by December 22, this figure had plummeted by almost 94% to just 1.07 trillion SHIB. This steep decline suggests that whale activity has been relatively low over the past few days.

In the past day, there’s been a shift in whale activity and significant transaction volumes. As per IntoTheBlock’s data, the large transactions of SHIB tokens have soared to 3.75 trillion, marking a striking 250% rise compared to the same period yesterday. This increase isn’t limited to just token volumes but also affects the monetary value of these transactions. In fact, over the last 24 hours, large transactions totaled $84.24 million, representing a massive 265% jump from the $23.06 million recorded the day before.

Market Impact Of Rising Whale Activity – Can SHIB Drive Toward $0.00004?

The increase in whale interactions with whale tokens might hint at the reason behind their recent surge. Could it be that major investors are once more stockpiling SHIB tokens, possibly in preparation for a broader market rebound approaching 2024? This renewed whale attention could be an early sign of a potential price increase for Shiba Inu if it is coupled with other optimistic on-chain indicators like escalating active addresses and token burns.

Currently, as I type this, Shiba Inu is being exchanged at approximately 0.00002229 USD, marking a 3.1% rise over the past day. While this increase might seem minor, it’s significant because it indicates a shift in the selling pressure that has been affecting Shiba Inu for the past week. Additionally, it hints at an escalation of whale activity towards buying and accumulation. For Shiba Inu to potentially reach the 0.00004 level, it will likely need to maintain this buying energy over the next few weeks.

Read More

2024-12-24 14:11