Shiba Inu whales boost ecosystem with 176% activity surge
Recently, Shiba Inu (SHIB) has witnessed a significant uptick in activities, attributed mainly to the comeback of its major investors, often referred to as "whales."
Insights from IntoTheBlock reveal a striking 176% increase in large transaction volumes for SHIB over the past day.
Detailed IntoTheBlock statistics show a 176.29% increase in Shiba Inu's large transaction volumes in the last day alone, touching 4.18 trillion SHIB, which translates to roughly $62.57 million.
The notable rise in large-quantity Shiba Inu transactions suggests that SHIB whales are either in a phase of accumulation or are reallocating sizable portions of their holdings. Such spikes in transactions over $100,000 typically act as indicators of whale movements and imply significant buying or selling activities by these major stakeholders.
Various elements could be fuelling the newfound vigor among Shiba Inu whales, though pinpointing the exact cause is challenging. A more optimistic outlook on the entire crypto space could be spurring whales to augment their SHIB holdings.
This resurgence could be a strategic move by whales banking on potential future value surges of SHIB, leveraging the prevailing market momentum.
Market watchers are keenly observing whether SHIB can maintain this positive trajectory, especially with the whales' heightened involvement.
Looking ahead, SHIB could be eyeing its next significant resistance level in the $0.000015 to $0.000019 range. Conversely, should there be a downturn, SHIB may find support around the $0.000014 mark.
