Shiba Inu Price Explodes: Whale Activity Up 588% with 9 Trillion SHIB Transacted
SHIB has surged by 19% in the past 24 hours, with the Shiba Inu price reaching $0.00001337 as the crypto market recovers by 6% today.
The meme token remains down by 20% in a week, after yesterday amounted to on of the worst days in years for the cryptocurrency market.
SHIB is also down by 18% in a month, although the coin keeps a 39% gain in a year, despite the recent carnage.
And yesterday’s dip has led to a spike in large transactions, with whales seemingly taking advantage of heavily discounted prices to push SHIB back up.
It also seems that some traders have taken the opportunity to buy the dip, with data showing that large transactions – worth $100,000 or higher – have risen from a volume of 1.53 trillion SHIB to roughly 9 trillion SHIB today.
Some of these transactions likely relate to sales, yet they represent a big increase, and would indicate that some whales are now accumulating SHIB again.
This could help the meme token recover in the coming days and weeks, although we would need a wider macroeconomic recovery for things to improve in a more sustainable way.
Meme Token Could Have Bigger Rally
While SHIB waits to recover properly, traders may prefer to diversify into newer tokens, with presale coins having the potential to rally big once they list.
One token likely to do this is Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has raised $800,000 in its increasingly popular sale.
All of these activities will provide added incentive to buy and hold SHIBASHOOT, which will have a max supply of 2.2 billion.
35% of this supply will go to its presale, with another 20% allocated to staking.
Holders will also be able to participate in governance votes, providing even further incentive to hold the token.
As such, it could experience considerable demand once it goes live, given that it will hold considerable utility.
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