Shiba Inu (SHIB), one of the most talked about meme coins in the cryptocurrency space, has seen a significant increase in whale activity in the past 24 hours. In particular, data from on-chain analytics platform IntoTheBlock revealed a 265% increase in whale sales in the last 24 hours.
It is interesting that this burst of whale activity is more noticeable as it comes days later extended depreciation and profit taking among Shiba Inu investors. Therefore, it opens the discussion that the price of Shiba Inu can go back down from here and move forward to a new high.
Shiba Inu Whale’s Career Begins After Significant Reduction
Data from IntoTheBlock reveals an interesting trend in Shiba Inu whale activity in recent weeks. This interesting behavior of the Shiba Inu whale is revealed through the speaker The “big jobs” metric.which provides statistics on jobs valued at $100,000 or more.
According to this metric, whale sales about Shiba Inu have generally decreased since the second week of December. Interestingly, this trend of low whale activity is transmitted through the price of the meme coin, which has been marked by a significant decline. from December 7. In context, the Shiba Inu network recorded 18.85 trillion SHIB tokens distributed in major transactions on December 10th. On December 22this number dropped by almost 94% to 1.07 trillion SHIB, reflecting the low activity of the whales over the past few days.
However, the last 24 hours have been highlighted by a change in whale activity and large transactions. According to IntoTheBlock data, transaction volume has risen to 3.75 trillion SHIB tokens, representing an impressive 250% increase compared to the previous 24 hours. This resumption is not limited to token volumes but extends to the monetary value of these transactions. Over the past 24 hours, gross transactions have reached $84.24 million, a staggering 265% jump from the $23.06 million recorded in the previous 24-hour period.
Market Impact of Rising Whale Activity – Can SHIB Drive Towards $0.00004?
The resumption of whale activity raises several questions about what might be driving this sudden outbreak. It is possible that major holders start accumulating SHIB tokens again, which may be expected to re-discover the wider market as 2024 draws to a close. This renewed interest from the whale could serve as a starting point a possible rebound indicator for Shiba Inu’s price, especially when coupled with other bullish on-chain metrics such as rising active addresses and SHIB is burning.
At the time of writing, Shiba Inu is trading at $0.00002229, up 3.1% in the last 24 hours. This increase, although small, represents a change in the selling pressure that has engulfed the Shiba Inu over the past seven days. In addition, it suggests the extent of the recent increase in whale activity in accumulating and buying pressure. For SHIB to reach the $0.00004 level, it will need to maintain this buying momentum in the coming weeks.
The featured image was created with Dall.E, a chart from Tradingview.com
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