SHIB Whale Sales Jump 300% in Last 24 Hours: Can SHIB Hit $0.00004?
In the last 24 hours, whale activity has increased on Shiba Inu (SHIB), a popular meme coin. On-chain analytics tool IntoTheBlock indicates a 300% increase in whale transactions in the past 24 hours.
Shiba Inu taking profits after days of decline makes this increase in whale activity even more significant. This raises the question of whether Shiba Inu price can recover and reach new highs.
After a decline, Shiba Inu whale activity increases
IntoTheBlock data shows an interesting pattern in Shiba Inu whale activity in recent weeks. This unusual increase in Shiba Inu whale behavior is reflected in the platform’s “Large Transactions” metric, which tracks transactions over $100,000.
Since December 7, the meme coin’s price has been declining, reflecting little whale activity. December 10 saw 18.85 trillion SHIB transactions on Shiba Inu. This amount dropped by 94% to 1.07 trillion SHIB on December 22, indicating little whale activity in recent days.
The past 24 hours have seen a shift in whale activity and large transactions. IntoTheBlock reports a 250% increase in large transactions to 3.75 trillion SHIB tokens in 24 hours. This return includes token volumes and transaction values. In the past 24 hours, large transactions totaled $84.24 million, up 265% from $23.06 million.
Whale Activity on the Rise: Can SHIB Hit $0.00004?
The dramatic increase in whale activity raises several questions regarding its cause. Large holders may be repurchasing SHIB tokens in anticipation of a market recovery in 2024.
Shiba Inu is up 3.1% in 24 hours to $0.00002229. Despite its modest growth, the selling pressure on Shiba Inu has changed in the past week.