The dog-themed cryptocurrency Shiba Inu is witnessing a resurgence in whale activity, according to data from IntoTheBlock. Large transaction volumes have surged by 41.39% in the past 24 hours, indicating renewed interest from large holders after a period of declining activity.
Rise in Whale Activity
The total volume of large transactions amounted to 2.79 trillion SHIB, equivalating to $76.48 million. These transactions, typically exceeding $100,000, are often associated with institutional investors or large holders. The current increase might suggest these players are reentering the market, potentially preparing for significant price movements in SHIB.
Current Market Situation
Recently, Shiba Inu has underperformed, with dropping large transaction volumes and overall trading activity. In the last 24 hours, Shiba Inu's trading volume decreased by 18.25% to $679.45 million, according to CoinMarketCap. Large transaction volumes declined from 18.85 trillion SHIB on Dec. 10 to 1.9 trillion SHIB on Dec. 13. The recent 41% spike might indicate a shift in sentiment; whales may be accumulating SHIB during market corrections.
Potential Price Changes
At the time of writing, SHIB's price has dropped 3.49% in the last 24 hours to $0.00002736 and 14% weekly. While increased whale activity might appear positive, it doesn't ensure an immediate price hike. A change in investor sentiment and a broader market rally might be crucial for SHIB's price movement. Breaking through critical resistance levels could trigger a rally, but for now, SHIB's price remains stable.
Whales are showing renewed interest in Shiba Inu amidst a general decline in cryptocurrency market activity. Whether these transaction activity changes will impact SHIB's long-term prices remains to be seen. However, in the short term, it is vital to watch market movements and investor sentiment.
