Sep 27, 2024
6thTrade
Shiba Inu (SHIB), the popular dog-themed cryptocurrency, has seen a massive 924% surge in large holder inflows, which is a strong indicator of whale activity. This dramatic increase in whale-owned addresses has caught the marketâs attention as SHIB breaks through key price levels. $SHIB
Large Holder Inflows suggest significant buying activity, as many whales tend to purchase SHIB on centralized exchanges and then transfer their holdings to cold storage wallets. Data from IntoTheBlock reveals that between September 25 and 26, Shiba Inu's large holder inflows skyrocketed from 603.55 billion SHIB to an incredible 3.79 trillion SHIB, marking a 924.75% jump.
Following a period of price consolidation, SHIB's value has surged, breaking critical resistance levels and signaling a bullish trend. This price breakout has been supported by rising buying pressure from both retail and institutional investors, driven in large part by increased whale activity. Over the past 24 hours alone, Shiba Inu has seen a 372.6% increase in large transaction volume, totaling $169.27 million (or 9.07 trillion SHIB), according to IntoTheBlock.
Shiba Inu Soars Amid Whale Surge
In yesterdayâs trading session, Shiba Inu experienced a significant price increase, which continued into today, with SHIB reaching a high of $0.00001976. At the time of writing, SHIB is up 17% in the last 24 hours, trading at $0.00001974. According to Santiment data, this rally has pushed Shiba Inu to a 10-week price high, fueled by major spikes in trading volume, token circulation, and whale transactions.
In the past nine days alone, SHIB has surged 43%, with its on-chain activity far outpacing other altcoins and meme coins. Whale transactions and social dominance have also reached 10-week highs, indicating that FOMO (fear of missing out) is driving much of the current hype around SHIB.
Despite the excitement, Santiment advises traders to remain cautious. To surpass its year-high of $0.000043, which was last reached in February, the current bullish sentiment may need to cool off before SHIB can continue its upward trend.
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