The world of cryptocurrency can be a whirlwind of extreme price swings and emotional reactions. In just the past 48 hours, Shiba Inu (SHIB), the popular meme-inspired coin, has exemplified this volatility. The price plunged a concerning 23% before experiencing a sharp rebound of 28%, settling at $0.000011 – a price point unseen since March 2024.
This rollercoaster ride has attracted significant attention, particularly from the cryptocurrency market’s biggest players – the whales. These high-volume investors are known for their ability to move prices and dictate market trends.
Whale Activity Propels SHIB Transactions
By analyzing on-chain data, we can gain valuable insights into the trading volume of SHIB during this period of turbulence. The data reveals a staggering 588% increase in large transactions, totaling a massive 9 trillion SHIB (equivalent to $119.82 million) within the last 24 hours alone.
For context, IntoTheBlock, a blockchain analytics platform, defines “large transactions” as those exceeding $100,000 worth of SHIB. Notably, 185 such transactions occurred within the timeframe analyzed, compared to a mere 1.53 trillion SHIB traded the previous day.
Shiba Inu’s Current Standing
At the time of writing, SHIB is priced at $0.00001388, securing its position as the 13th largest cryptocurrency by market capitalization, which currently sits at $8.18 billion.
Looking Forward: Whales and the Price Trajectory
While the recent surge in whale activity is a positive sign for SHIB, a crucial question remains – will this trend continue? The answer will undoubtedly influence the future price of the meme coin.
If the whales maintain their current level of involvement, SHIB could potentially experience further upward momentum. However, if this activity subsides, the price might correct itself, leading to uncertainty in the short term.
Investors and enthusiasts alike will be closely monitoring whale movements and overall market sentiment to determine the future trajectory of Shiba Inu.
