According to U.Today, Shiba Inu (SHIB) is witnessing a notable resurgence in whale activity, with over 1.3 trillion SHIB tokens transacted in the last 24 hours. This spike in large transactions indicates a renewed interest from major players in the cryptocurrency market.

On-chain data reveals that there were 42 large transactions in the past day, with a seven-day high of 55 transactions recorded on July 25, 2024. The lowest number of large transactions in the past week was 15, observed on July 28, 2024. This increase in large transactions suggests that significant holders are becoming more active and confident in the market.

The volume of SHIB transacted in the last day, amounting to 1.33 trillion, is significantly higher than the seven-day low of 365.69 billion SHIB on July 28, 2024, and is close to the seven-day high of 1.95 trillion SHIB recorded on July 29, 2024. This surge in volume indicates a growing confidence among major holders.

The technical chart shows that SHIB has been on a decline but has recently started to stabilize. If the whale activity continues, the price may bottom out and reverse, as it is currently trading near the $0.000016 mark. The bullish outlook is further supported by the token summary, which indicates that approximately 48% of SHIB holders are profitable, 47% are not profitable, and 5% are breaking even. Major players hold a substantial portion of SHIB, with a 73% concentration of large holders.

Additionally, most on-chain signals are bullish, with indicators such as net network expansion and significant transactions pointing to favorable trends. Exchange signals also suggest bullish sentiment, with a bid-ask volume imbalance of 10.31%, indicating significant buying interest. However, this may not be sufficient to move the price significantly.