There has been a notable increase in Shiba Inu on-chain activity recently. In a single day, a whopping 2.1 trillion SHIB transactions were recorded. This abrupt rise indicates a resurgence of activity and interest in the Shiba Inu ecosystem, mostly from whales, or large investors.
The number of big transactions reached a peak of 98 earlier this week, according to an analysis of the on-chain data, even though it has only been 47 in the last 24 hours. The high transaction volume fluctuated as well; on Sept. 9 it reached a high of 3.21 trillion SHIB moved, compared to a low of 645 billion SHIB on Sept. 7.
SHIB/USDT Chart by TradingView
This implies that some whales are becoming more active and transporting large volumes of SHIB, possibly as a means of strategic liquidation or accumulation. Whales of the Shiba Inu breed have always been vital to the token's price movement. The concentrated nature of large holdings has historically meant that whale movements have directly affected SHIB's market value.
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Depending on which way these whale movements move, the volume of these transactions can cause volatility and price dumps or spikes. The current activity may indicate that a bigger price move — either upward or downward — is about to happen. It is imperative to monitor SHIB's resistance and support levels in light of the recent surge in large transactions.
Any significant buy or sell activity could break the current trend and push SHIB toward new highs or cause a pullback, given the current price trends and whale activity. Conclusively, the surge in significant Shiba Inu transactions observed recently suggests an increase in network activity. Although it is unclear if this is the start of a bigger trend, whales continue to be important players in SHIB's price movements, and their decisions will probably determine the market's next significant move.
