The last 24 hours have witnessed a surge in behind-the-scenes activity surrounding the popular meme-inspired cryptocurrency, Shiba Inu (SHIB). Data from IntoTheBlock reveals an 81% spike in the primary indicator of whale activity for SHIB. Consequently, the volume of large transactions, each exceeding $100,000, has surpassed 2.1 trillion SHIB. This translates to nearly $30 million in transactions within the past day.
Large Transactions Dominate the Market
In total, there were 66 significant transactions, with each averaging around 32.12 billion SHIB, or approximately $460,000. This activity exceeds the usual levels, suggesting that major players are exerting considerable influence in the Shiba Inu market. The sharp increase in whale activity signals a heightened interest in SHIB, potentially driving further market dynamics.
SHIB/USDT Chart Source: TradingView
Amid these on-chain disruptions, SHIB, currently the 13th largest cryptocurrency, has seen its price rise by nearly 5.2%, continuing an upward trend that began earlier in the week. Since Monday, SHIB’s price has increased by 8.23%.
Related article: Shiba Inu Battles $0.000014 Resistance After 10% Surge: Will Bulls Prevail?
The correlation between the rise in SHIB’s price and the surge in whale activity is no coincidence. While whale movements don’t necessarily indicate their sentiment—whether bullish or bearish—the increased volume undeniably reflects growing attention on the cryptocurrency.
Anticipating Future Volatility
As attention continues to flow toward SHIB, the market should prepare for increased volatility. Where volatility exists, dramatic price action often follows. Therefore, investors and traders should brace themselves for potential fluctuations in SHIB’s price, driven by the ongoing surge in whale activity. S
Related article: Shiba Inu’s 1251% Burn Rate Spike: A Bullish Future?
Shiba Inu (SHIB) is currently experiencing a significant uptick in whale transactions, which is influencing both the market’s attention and the cryptocurrency’s price.
As this trend unfolds, the market is likely to see continued volatility and dynamic price movements.
