Shiba Inu Whales Return: Is a Memecoin Rally on the Horizon?

by

Ah, my dear readers, gather ’round and let me tell you a tale of the Shiba Inu, a memecoin that has captured the hearts and wallets of many a crypto enthusiast.

At the time of writing, the SHIB price was a mere $0.00001574, a paltry sum that had decreased by 0.54% in 24 hours. But fear not, for the whales have returned, and with them, a glimmer of hope for a new rally.

The Whales Are Back, and They’re Hungry for SHIB

According to data from IntoTheBlock, Shiba Inu whale transactions have increased by a whopping 20.69% in 24 hours. This surge in activity amounts to a staggering $26.66 million in transactions within that time frame.

A total of 80 SHIB whale transactions were recorded over 24 hours, marking an average from the weekly low of 42 transactions and a high of 185. Over 1.69 trillion SHIB tokens were moved by the traders initiating these large transactions. While the 7-day high stood at 5.84 trillion SHIB, the lowest recorded figure comes in at 890.85 billion SHIB.

These whale transactions refer to those worth at least $100,000. As spotted onchain, a SHIB whale moved over 3 trillion tokens a few days ago, sparking speculations. With the price of Shiba Inu in need of a viable anchor, massive shifts by SHIB whales might reshape sentiment.

Shiba Inu’s Growing Footprint

Despite ranking as the second-largest memecoin in the Web3 space, Shiba Inu boasts a larger community of builders. Through Shibarium, the token has continued to expand its footprint. As reported recently, the token expanded to UAE, partnering with the Ministry of Energy and Infrastructure (MoEI).

This collaboration helped expand the SHIB footprint and utilize its ShibOS to enhance the MoEI’s digital operations. In addition, the developer team is integrating new solutions like the Full Homorphobic Encryption (FHE) designed for privacy.

This ecosystem push bordering on every aspect of its operations is pushing Shiba Inu as an attractive token to whales. If the trend is sustained, the token may reclaim its 30-day high of $0.00002488.

An Imminent SHIB Rally?

Beyond the push to reclaim its 30-day high, SHIB price is billed for an imminent rally. With memecoins like Dogecoin, BONK, and TRUMP Leverage ETF applications now filed by asset managers, Shiba Inu may also join the list.

Should this happen, it might set off SHIB as a mature token for institutional investors to gain more exposure. Ultimately, Shiba Inu has crucial dormant triggers that might set it apart in the coming weeks when activated.

Read More

2025-02-12 03:51