According to U.Today, Shiba Inu (SHIB) has seen a significant increase in activity, largely attributed to the return of large holders, also known as 'whales'. Data from IntoTheBlock reveals that the large transaction volume for SHIB has risen by a remarkable 176% in the past 24 hours. This increase in activity has coincided with a substantial 15% rise in the SHIB price. In monetary terms, Shiba Inu's large transaction volume has increased by 176.29% in the last 24 hours, reaching 4.18 trillion SHIB, equivalent to $62.57 million.
The recent increase in Shiba Inu’s large transaction volume suggests that SHIB whales are either accumulating more SHIB or moving large quantities of it. Large transactions, defined as those exceeding $100,000, are often indicative of whale activity and suggest that these large holders are actively buying or selling. Several factors could be contributing to the recent increase in whale activity for Shiba Inu, although the exact reason remains unclear. Improved market sentiment in the broader cryptocurrency market could be prompting whales to expand their positions in SHIB.
Shiba Inu's price rose over 16% to reach highs of $0.00001595 in Saturday's trading session as the market rebounded following a bearish downturn earlier in the week. At the time of writing, SHIB was trading up 15.21% in the last 24 hours to $0.00001591. It is speculated that whales might be strategically accumulating SHIB in anticipation of future price increases, capitalizing on current market conditions. In the short term, attention is focused on whether SHIB can maintain its current price rebound given the resurgence of whales as seen in their activity spike. If this trend continues, SHIB might proceed to its next major barrier in the range between $0.000015 and $0.000019. If the opposite happens, SHIB might resort to an intermediate support at $0.000014.