Shiba Inu (SHIB), one of the most talked-about meme coins in the cryptocurrency space, has seen a notable surge in whale activity in the past 24 hours. Particularly, data from on-chain analytics platform IntoTheBlock reveals a 265% increase in whale transactions within the past 24 hours.
Interestingly, this surge in whale activity is more notable as it comes after days of extended decline and profit-taking among Shiba Inu investors. As such, it opens up the discussion as to whether the Shiba Inu price could rebound from here and make the drive towards new highs.
Shiba Inu Whale Activity Picks Up After Notable Decline
Data from IntoTheBlock reveals an interesting trend in Shiba Inu whale activity in recent weeks. This interesting trend in Shiba Inu whale activity is revealed through the platform’s “Large Transactions” metric, which provides stats about transactions with a value of $100,000 or greater.
According to this metric, whale transactions regarding Shiba Inu have generally been on a decline since the second week of December. Interestingly, this trend of low whale activity is relayed through the meme coin’s price, which has been marked by a notable decline since December 7. For context, the Shiba Inu network recorded 18.85 trillion SHIB tokens moved in large transactions on December 10. By December 22, this figure had dropped by about 94% to 1.07 trillion SHIB, which shows the subdued 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’s data, the volume of large transactions has surged to 3.75 trillion SHIB tokens, representing an impressive 250% increase compared to the previous 24 hours. This resurgence is not just confined to token volumes but extends to the monetary value of these transactions. Over the last 24 hours, large transactions have amounted to $84.24 million, a staggering 265% jump from the $23.06 million recorded in the preceding 24-hour period.
Market Impact Of Rising Whale Activity – Can SHIB Drive Toward $0.00004?
The resurgence in whale activity raises several questions about what could be driving this sudden uptick. It is possible that large holders are beginning to accumulate SHIB tokens again, potentially in anticipation of a broader market recovery as 2024 draws to a close. This renewed interest from whales could serve as an early indicator of a possible rebound in Shiba Inu’s price, particularly if it is accompanied by other bullish on-chain metrics such as increased active addresses and SHIB burns.
At the time of writing, Shiba Inu is trading at $0.00002229, which has been up by 3.1% in the past 24 hours. This increase, although meagre, represents a change in the selling pressure that has clouded Shiba Inu in the past seven days. Furthermore, it tips the scale of recent surge in whale activity into accumulation and buying pressure. For SHIB to approach the $0.00004 level, it would need to sustain this buying momentum into the coming weeks.
Featured image created with Dall.E, chart from Tradingview.com
