#MarketDownturn Shiba Inu Whale Activity Soars: 9 Trillion SHIB Moved, Up 588%

The world of crypto can be a whirlwind of extreme price swings and emotional reactions. In the past 48 hours alone, Shiba Inu (SHIB), the popular meme-inspired coin, has exemplified this volatility. The price plummeted by a worrying 23% before experiencing a strong 28% rally, settling at $0.000011, a price not seen since March 2024.

This rollercoaster ride has attracted considerable attention, particularly from the cryptocurrency market’s biggest players: whales. These high-volume investors are known for their ability to shift prices and dictate market trends. Whale Activity Boosts SHIB Transactions

By analyzing on-chain data, we can gain valuable insights into SHIB transaction volume during this period of turbulence. The data reveals a staggering 588% increase in large transactions, totaling a whopping 9 trillion SHIB (equivalent to $119.82 million) in the past 24 hours alone.

For context, IntoTheBlock, a blockchain analytics platform, defines “large transactions” as those exceeding $100,000 worth of SHIB. Notably, 185 such transactions occurred in the analyzed period, compared to 1.53 trillion SHIB traded the day before.

Current Situation of Shiba Inu

At the time of writing, SHIB is priced at $0.00001388, securing its position as the 13th largest cryptocurrency by market cap, which currently sits at $8.18 billion.

Looking Ahead: Whales and Price Trajectory

While the recent surge in whale activity is a positive sign for SHIB, one crucial question remains: will this trend continue?The answer will undoubtedly influence the future price of the meme coin.