Shiba Inu (SHIB) has seen a notable surge in whale activity over the past 24 hours, with on-chain analytics platform IntoTheBlock revealing a 265% increase in large transactions. This comes after weeks of extended decline and profit-taking among investors.
According to IntoTheBlock’s “Large Transactions” metric, which tracks transactions worth $100,000 or more, whale activity has been declining since the second week of December. However, the past 24 hours have seen a significant change in this trend, with large transaction volumes surging by 250% and monetary values increasing by 265%.
This resurgence in whale activity raises questions about what could be driving it. It’s possible that large holders are accumulating SHIB tokens again, anticipating a broader market recovery as 2024 draws to a close. If this renewed interest is accompanied by other bullish on-chain metrics, such as increased active addresses and SHIB burns, it could serve as an early indicator of a possible rebound in Shiba Inu’s price.
At the time of writing, Shiba Inu was trading at $0.00002229, up 3.1% in the past 24 hours. This slight increase tips the scale towards accumulation and buying pressure, but for SHIB to reach its target price of $0.00004, it would need to sustain this momentum into the coming weeks.
Source: https://bitcoinist.com/shiba-inu-whale-transactions-4