Shiba Inu (SHIB) saw an incredible surge in activity as transactions surged to nearly four trillion SHIB within a single day. This increase, powered by heavy whale-tier trading, has revived interest in SHIB and sparked optimism among investors. New on-chain data highlights the considerable rise in large SHIB transactions, indicating renewed interest from major holders, often known as “whales.” The significant influx of whale activity typically suggests increased confidence among big players, which can stabilize prices and potentially initiate upward momentum.
Impact of Whale Activity on SHIB Price Movement
For any digital asset, especially in volatile markets, on-chain metrics serve as critical indicators of demand and trading interest. The sharp jump in SHIB transactions—from 895 billion on October 27 to 3.73 trillion on October 28—has positioned it back in the spotlight for investors tracking whale activity.
SHIB/USDT Source: TradingView
Large transactions can boost investor morale and often reflect a trend where major players see value in accumulating the asset, sometimes leading to a price increase or greater price stability. Current technical analysis of SHIB’s price chart against the Tether (USDT) suggests that SHIB is consolidating above significant moving averages.
Related article: Shiba Inu (SHIB) Approaches Potential Golden Cross: Immediate or 2025 Rally?
Specifically, the 50-day and 100-day exponential moving averages (EMAs) show signs of convergence, which often serves as an indicator of possible breakout points. Historically, this convergence pattern has been associated with potential price growth as it reflects a solid support level that could attract more buying activity. Should SHIB sustain its volume alongside this whale-driven momentum, it might stand on the brink of more substantial gains.
Key Price Levels to Watch for SHIB
Despite this surge, investors must remain cautious. While whale-driven volume increases can generate excitement, they don’t guarantee continuous price growth. Similar spikes have previously led to corrections when the momentum slowed, or whales took profits.
Related article: Shiba Inu Sets Record Burn Rate as Shibarium Growth Soars
Currently, critical support levels to monitor are $0.000017 and $0.0000165. If SHIB can hold above these levels and manage to break past the resistance level at $0.0000182, it could indicate the beginning of a more extended bullish trend, especially if whale participation continues.
Shiba Inu’s recent trading surge underscores the importance of watching whale activity, particularly for investors looking for potential entry points or evaluating the asset’s overall market trajectory.
