Shiba Inu whale transactions increased by 240%, as large investors were seen moving billions of SHIB tokens this week. Given the significant increase in SHIB whale movements, Shiba Inu price it can continue its fixed increase up to $0.00002.
SHIB Whale Activity Spikes
New data from IntoTheBlock showed a massive 269% increase in Shiba Inu whale trading. On October 20, the total number of major jobs in SHIB whales estimated at 925.79 billion. However, in just one day, the volume of whale purchases increased to 3.42 trillion, basically triple the volume of the previous day.
With an average Shiba Inu price of $0.000018, this means whales have moved over $61.5 million in SHIB tokens in just one day. Surprisingly this is not the largest volume SHIB whale transmission seen in the month of October.
On October 9, ITB reported that high transaction volume increased to 4.15 trillion. In addition, on October 11, whale activity increased to 3.78 trillion, which emphasizes the involvement of investors in the popular meme coin. Based on the recent growth of SHIB’s large transactions, it can be concluded that Shiba Inu whales can be very powerful in meme coin.
In the past few months, SHIB has had more a muted impulsemostly seeing small gains and failing to experience any significant price increases. However, this new change in the whale’s feelings can be a potential driver for Shiba Inu price.
The increase of whale work it also indicates a change in market sentiment from negative to positive. Furthermore, the demand and interest in Shiba Inu seems to be growing rapidly despite the poor volatility and volatility of the meme coin price.
Can SHIB Price Reach $0.00002?
A few weeks ago, the price of Shiba Inu was the same it is trying to break the $0.0002 mark but he failed to do so many times. As the second largest meme coin with market capitalizationSHIB has been one of the prominent players in the crypto space, often following in the tracks of Dogecoin, the top meme coin.
While market conditions have not been so favorable for Shiba Inu, the recent 269% increase in whale activity may have pushed the price of Shiba Inu to $0.00002. Earlier this year, Shiba Inu was there trading above $0.00004causing new prices to rise as demand for them rises.
Although this demand was short-lived, Shiba Inu continued to trade around the $0.00002 mark, making small gains here and there. However, recently, its price has been covering around the limit of $0.000018. While this muted momentum may affect investors, a new surge in whale activity could be an indication of an imminent price breakout.
The featured image was created with Dall.E, a chart from Tradingview.com
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