Shiba Inu (SHIB), the meme-based cryptocurrency that took the market by storm in 2021, has garnered renewed interest from large investors. According to data from IntoTheBlock, a leading blockchain analytics platform, the past 24 hours saw a significant surge of 62% in large SHIB transactions.
This translates to a whopping 3.05 trillion SHIB, valued at roughly $42.88 million, being moved by whales – investors or entities holding significant amounts of a cryptocurrency. The data focuses solely on transactions exceeding $100,000 each, indicating a substantial average transaction size of approximately 37.19 billion SHIB, or $522,926.
This substantial uptick in whale activity is a noteworthy development, suggesting a potential rekindling of interest in Shiba Inu within the high-volume investor pool. Historically, such fluctuations in on-chain activity, which refers to transactions occurring on a blockchain network, have often preceded price volatility.
However, the current price movement of SHIB hasn’t yet mirrored the surge in whale activity. While the token hasn’t witnessed any significant price swings, it has managed to climb modestly in the past three days, accumulating combined gains of 2.61%.
The lack of immediate price impact could be attributed to several factors. One possibility is that the whales are accumulating SHIB in anticipation of a future price increase. Another possibility is that they are simply moving their holdings between different wallets.
The true direction of the price remains to be seen. If the whale activity continues, it’s likely to trigger a more significant price movement for SHIB. However, predicting whether the price will rise or fall remains uncertain.
This renewed interest from whales coincides with other positive developments for the Shiba Inu ecosystem. Just recently, Shytoshi Kusama, a prominent figure associated with SHIB, celebrated a major new listing on a top US exchange, potentially increasing accessibility for investors. Additionally, the Shiba Inu burn rate, a mechanism designed to reduce the overall supply of tokens, has seen a significant increase in recent days.
While the future trajectory of SHIB remains uncertain, the recent surge in whale activity and other positive developments within the ecosystem suggest that Shiba Inu is back on the radar of major investors. Investors interested in the meme-inspired cryptocurrency should closely monitor on-chain activity and price movements in the coming days and weeks.
It is important to remember that cryptocurrency investments are inherently risky and this article should not be considered financial advice. Always conduct your own research before making any investment decisions.
