Data has shown an increase in activity for Shiba Inu whales, teasing what could be a catalyst for an uptrend. Notably, the past few days have seen a surge in whale transactions, with data revealing a 340% increase in the volume of these large transactions.
With SHIB now trading below $0.00003 and forming support at the $0.0000257 level, could the surge in whale transactions turn price action on its heels and lead to a surge?
Shiba Inu is home to a lot of whale investors, with large holders holding 73% of the total circulating supply as shown by IntoTheBlock data. As a result, activity from these whales is known to move the market, particularly when they move large amounts of coins.
According to data from ITB, the volume of whale transactions jumped up from 1.4 trillion SHIB on March 21 to 6.16 trillion SHIB in the past 24 hours, representing a surge of over 340% in the space of a few days.
ITB’s large transaction metric tracks the number and volume of transactions with a value of $100,000 or greater. Interestingly, the number of transactions falling into this category shot up from 157 transactions to 372 transactions in the same time frame.
What’s Next For Shiba Inu? SHIB is currently going through a moderate price sell-off as the wider crypto industry continues to perform with lackluster action. Consequently, the price of SHIB has fallen by 10.36% in the past seven days.
At the same time, this interesting surge in transaction volume demonstrates the current dynamic among SHIB traders holding large amounts of the token. This surge in trading volume could mean an increased accumulation from large traders, or they could be selling some of their holdings. An example is a case reported by NewsBTC, in which 11 wallets offloaded 533.6 billion SHIB tokens to realize a joint profit of $8.24 million (+106%) in less than a month.
SHIB consolidation pushed the token’s price by as much as 13% in the past 24 hours to trade at $0.00002565. However, the bulls have reversed the price into green territory and SHIB is trading at $0.0000271 at the time of writing, up by a meager 0.75% in the past 24 hours.
However, Shiba Inu community members remain steadfast in a bullish price trajectory in the current bull market phase. Notably, $0.000044 sets the current threshold for how far SHIB has reached this cycle. A return to this price level remains possible as SHIB continues to receive global recognition.
SHIB price stuck between bulls and bears | Source: SHIBUSDT on Tradingview.com Featured image from Times Tabloid, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.