Shiba Inu (SHIB) has recently experienced a surge in whale activity, with a 265% increase in large transactions within the past 24 hours. This uptick comes after a period of decline and profit-taking among Shiba Inu investors, sparking speculation about a potential price rebound. Data from on-chain analytics platform IntoTheBlock indicates that whale transactions had been on a decline since the second week of December, but the recent surge suggests a change in sentiment among large holders.
The decline in whale activity was reflected in the price of Shiba Inu, which saw a notable drop since December 7. However, the past 24 hours have seen a reversal of this trend, with a significant increase in large transactions volume and monetary value. This resurgence in whale activity raises questions about what could be driving this sudden uptick, with some analysts suggesting that large holders may be accumulating SHIB tokens in anticipation of a broader market recovery as 2024 comes to a close.
Currently trading at $0.00002229, Shiba Inu has seen a 3.1% increase in the past 24 hours, indicating a shift in selling pressure and potentially signaling a move towards accumulation and buying pressure. To reach the $0.00004 level, SHIB would need to sustain this buying momentum in the coming weeks. This recent surge in whale activity could serve as an early indicator of a possible price rebound, especially if accompanied by other bullish on-chain metrics such as increased active addresses and SHIB burns.
Overall, the market impact of rising whale activity on Shiba Inu remains to be seen, but the recent surge in large transactions volume and value suggests a renewed interest from large holders. This could potentially pave the way for a price rebound in the near future, as SHIB looks to overcome recent declines and make a push towards new highs. With the cryptocurrency market constantly evolving, it will be interesting to see how Shiba Inu’s price reacts to this surge in whale activity and whether it can sustain the momentum in the weeks to come.
