Shiba Inu Price Retains Rally As Whale Transaction Soar 565%

The price of the Shiba Inu (SHIB) memecoin continues its only rally amid heightened whale transactions. Per current market cap data, SHIB price was trading at $0.00002566, up 1.2% in the last 24 hours and 52% in the past week.

The SHIB burn mechanism is a key factor contributing to the memecoin’s bullish movement.

Large Shiba Inu Transactions Are Skyrocketing

According to IntoTheBlock data, SHIB transactions from large investors, often called whales, surged by 565% within the past day. Specifically, the whale transaction count increased to 1,440 in just 24 hours.

Additionally, the volume of the large SHIB transactions amounts to $551 million. In SHIB terms, this translates to 21.11 trillion SHIB tokens. These moves in the popular meme-based crypto have raised discussions about the SHIB’s price trajectory.

Large investors usually refer to investors who have conducted transactions worth over $100,000 within a specific time frame. These investors usually influence the price due to the large amount of tokens in their possession. When whales are active, it could indicate that they are increasing their holdings or preparing to sell. In either case, it will affect the Shiba Inu token’s price performance.

Large players are accumulating more SHIB tokens, raising questions about the possibility of further bullish outcomes for SHIB in the foreseeable future. Shiba Inu surged to highs of $0.000028 in Monday’s trading session as bullish sentiment on the broader crypto market spilled over to dog-themed tokens.

The rally comes after Bitcoin reached an all-time high above $82,000.