Shiba Inu Whale Activity Soars, Fueling Hopes for Price Rebound

Shiba Inu (SHIB), one of the leading meme coins, has experienced a significant uptick in whale activity over the past 24 hours, according to data from on-chain analytics firm IntoTheBlock.

Whale transactions, which are defined as transactions worth $100,000 or more, have surged by 265% during this period, suggesting renewed interest from large investors.

This spike in whale activity follows a period of notable decline and profit-taking among Shiba Inu holders, especially after a dip in price that began in early December. Prior to this, whale activity had been on a downward trajectory, with large transactions dropping from nearly 19 trillion SHIB tokens on December 10 to just over 1 trillion SHIB by December 22.

However, the past day has seen a dramatic shift, with large transactions now totaling 3.75 trillion SHIB tokens, a 250% increase compared to the previous 24 hours. In monetary terms, these transactions have jumped from $23.06 million to $84.24 million, highlighting a sharp rise in large-scale trading.

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This revival in whale activity could signal the beginning of a price rebound for Shiba Inu, as large investors may be positioning themselves for a potential market recovery in the coming months.

With Shiba Inu’s current price at $0.00002229, showing a modest 3.1% increase over the past day, the question arises whether this surge in whale activity could help drive the price towards $0.00004. For this to happen, sustained buying momentum will be needed in the weeks ahead, possibly supported by other bullish indicators like increased network activity and token burns.

Alexander Zdravkov