Shiba Inu Whales Reappear to Boost SHIB Price With 176% Activity Surge

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Shiba Inu (SHIB) has recently seen a dramatic increase in activity due to the re-emergence of large holders, or “whales.”

According to the data Into the BlockSHIB trading volume has surged by 176% in the past 24 hours. This volume surge coincides with a massive 15% increase in SHIB price.

According to data from IntoTheBlock, Shiba Inu’s volume grew 176.29% in the past 24 hours, reaching 4.18 trillion SHIB, or $62.57 million.

The recent surge in Shiba Inu trading volume indicates that SHIB whales are either accumulating SHIBs or moving them around in large quantities. A spike in trading above $100,000 is often an indicator of whale activity and indicates that these large holders are actively buying and selling.

Potential reasons for whale activity

The recent resurgence in whale activity for Shiba Inu could be due to a number of factors, but the exact reasons are unclear. Improved market sentiment across the cryptocurrency market may be encouraging whales to increase their SHIB positions.

Shiba Inu prices rose by over 16% in Saturday’s trading session, hitting a record high of $0.00001595, as the market rebounded after this week’s bearish market. At the time of writing, SHIB is trading at $0.00001591, up 15.21% over the past 24 hours.

SHIB/USD daily chart, source: TradingView

That being said, whales may be taking advantage of current market conditions to strategically buy up SHIBs in anticipation of future price increases.

In the short term, attention will be on whether SHIB can sustain the current price recovery, given the return of whales as seen in the surge in activity.

In this scenario, SHIB may proceed to the next major barrier located in the $0.000015 to $0.000019 range. In the opposite case, SHIB may rely on the intermediate support at $0.000014.

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Tomiwabold Olajide

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