Shiba Inu (SHIB) continues to battle challenges to maintain its promising outlook. A surge in whale activity is helping to counteract sell-offs from some long-term holders (HODLers). These large transactions are increasing, indicating renewed interest from major investors.
Whale Activity on the Rise
Data from crypto analytics platform IntoTheBlock reveals a 41% increase in large Shiba Inu transactions within 24 hours. The total value of these transactions reached $29.74 million, a significant indicator of SHIB’s market health. This rise in whale transactions is a key metric in assessing the token’s potential growth.
SHIB Transaction Source: IntoTheBlock
In the past 24 hours, the platform recorded 91 large transactions, each valued at over $100,000. Over the week, this number grew from 48 transactions to 209. By volume, large transactions amounted to 1.68 trillion SHIB, a substantial increase from 925.75 billion SHIB to a peak of 3.42 trillion SHIB over the last seven days.
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The influx of whale activity has contributed to stabilizing the token’s price, recovering from earlier losses. As of the latest data, SHIB has risen by 0.44% in 24 hours, trading at $0.00001775. This recovery highlights the crucial role whales play in boosting the token, especially during periods of high sell-offs.
No SHIB Burn Recorded
Despite the positive whale activity, Shiba Inu saw no SHIB burned in the last 24 hours, an unusual occurrence for the token. This, however, has not dampened the renewed optimism within the SHIB community.
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Shiba Inu’s core developers continue to bolster confidence in the project, keeping the community engaged and optimistic about future gains. The token has benefited from community-driven hype and new developments, including the upcoming SHI stablecoin.
With growing whale activity and ongoing developments, Shiba Inu may be on the verge of another major rally.