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The second-largest memecoin Shiba Inu (SHIB) witnessed an unprecedented surge in whale activity, with a 100% increase in large transactions involving significant amounts of SHIB. This spike in activity coincided with a period when the altcoin’s price fell by over 5%, drawing the community’s attention.
Significant Increase in Whale-Level Transactions for Shiba Inu
On-chain data from IntoTheBlock indicates a substantial explosion in large whale transactions over the last 24 hours, with the value of these transactions in US dollars reaching $84.86 million. During this short time frame, a total of 10.36 trillion SHIB were moved in 57 transactions, each exceeding $100,000.
Considering the previous day’s figures, where only 12 transactions involving large amounts of SHIB were recorded and the total token volume did not exceed one trillion, the data from the last 24 hours is exceptionally high.
What makes this increase even more intriguing is that it comes amidst a rather stagnant price movement for Shiba Inu. Currently, SHIB is showing notable resilience despite a roughly 5.57% drop in its price over the last 24 hours, falling below $0.000009 due to unfavorable market conditions. This is significant, especially considering that many altcoins, such as Solana (SOL) and Avalanche (AVAX), have seen drops of up to and exceeding 10%.
Where is the Bottom for SHIB?
On-chain data points to significant whale activity last Friday, with 5.15 trillion SHIB being traded in large transactions as the price dropped to $0.00000879. When looking at the data over the last 24 hours, there is almost a twofold increase compared to the 5.15 trillion figure. Despite this positive trend, the most pressing question is whether SHIB’s price has bottomed out and if the increase in whale activity will outpace the price decline.
The market is currently speculating on the outcomes of the general activity increase in Shiba Inu, while the unpredictable nature of cryptocurrencies leaves this question unanswered. Nevertheless, it would not be incorrect to predict that the positive on-chain trend for SHIB may eventually drive the price upwards.
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