Shiba Inu (SHIB), one of the most talked about coins in the cryptocurrency space, has seen a significant spike in whale activity in the past 24 hours. In particular, data from on-chain analytics platform IntoTheBlock reveals a 265% increase in whale transactions over the past 24 hours.
Interestingly, this increase in whale activity becomes more pronounced as it comes days later Continued decline and profit taking Among Shiba Inu investors. As such, it opens the debate as to whether the Shiba Inu price can rebound from here and move towards new highs.
Shiba Inu whale activity rebounds after a noticeable decline
Data from IntoTheBlock reveals an interesting trend in Shiba Inu whale activity in recent weeks. This interesting trend in Shiba Inu whale activity was revealed by the platform “Large Transactions” measure.which provides statistics on transactions worth $100,000 or more.
By this measure, whale transactions related to Shiba Inu have generally been declining since the second week of December. Interestingly, this trend of declining whale activity is transmitted through the price of the meme coin, which has been marked by a noticeable decline Since December 7th. For context, the Shiba Inu Network recorded 18.85 trillion SHIB tokens being transferred in large transactions on December 10. By December 22ndThis number decreased by about 94% to 1.07 trillion SHIB, which shows the weak state of whale activity over the past few days.
However, the past 24 hours have been highlighted by a change in whale activity and large transactions. According to IntoTheBlock data, the volume of large transactions rose to 3.75 trillion SHIB tokens, which represents a staggering 250% increase compared to the last 24 hours. This recovery is not limited to token volumes only, but extends to the monetary value of these transactions. Over the past 24 hours, large transactions amounted to $84.24 million, a staggering 265% jump from the $23.06 million recorded in the previous 24-hour period.
Market Impact of Increased Whale Activity – Can SHIB Reach $0.00004?
The resurgence of whale activity raises several questions about what could have led to this sudden rise. It is possible that large holders will begin accumulating SHIB tokens again, perhaps in anticipation of a broader market recovery as 2024 comes to a close. This renewed interest from whales could be an early step An indication of a possible recovery In the price of the Shiba Inu, especially if it is accompanied by other bullish on-chain metrics such as an increase in active titles And SHIB burns.
At the time of writing, the Shiba Inu is trading at $0.00002229, which is up 3.1% over the past 24 hours. This increase, although small, represents a change in the selling pressure that has prevailed over the Shiba Inu in the past seven days. Furthermore, it turns the magnitude of the recent spike in whale activity into accumulative and buying pressures. For SHIB to get closer to the $0.00004 level, it will need to maintain this buying momentum in the coming weeks.
Featured image created with Dall.E, chart from Tradingview.com
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