Shiba Inu whales are showing signs of awakening, according to on-chain analysis data. Over the past 24 hours, large transaction volume has increased by 72.48%, reaching $20.85 million.
Rise in Large Transaction Volume
The increase in large transaction volume indicates heightened activity among large holders, known as whales. This suggests that whales might be either buying or actively selling. Transactions over $100,000 align with the SHIB price rebound over the last 24 hours.
Impact on SHIB Price
Following days of volatility, SHIB's large transaction volume dropped to 1.01 trillion on March 13, but soon increased to 1.63 trillion on March 14. With the uptick in whale activity, the market watches for a potential reversal and impact on SHIB price, although this remains to be seen.
Crypto Community Reaction
The crypto community is closely monitoring additional data and market sentiment to determine Shiba Inu's next move. At the time of writing, Shiba Inu was trading in green, up 2.04% in the last 24 hours, priced at $0.00001274.
Whale activity could influence further price changes for Shiba Inu, but the market remains cautious. The market continues to recover from oversold conditions, offering investors hopes for improvement.
