The Shiba Inu ecosystem is buzzing with activity lately, with prices on the rise thanks to a broader crypto market upswing. One interesting development is a surge in transactions by Shiba Inu whales.
Whale Activity on the Rise
Shiba Inu whales, those holding large amounts of SHIB, have been relatively quiet since early July. But recently, they’ve started moving their coins around in a big way.
Data from IntoTheBlock shows a 46.9% increase in transactions over $100,000 on Saturday, with $30.64 million exchanged between large SHIB wallets. This is a significant jump from the previous day’s $20.85 million and even more so from the $13.86 million recorded two days prior.
While these numbers might seem small compared to past whale activity, the sheer increase in transactions suggests a change in sentiment. It’s often a sign that something big is brewing when whales start moving their coins.
SHIB Price on the Upswing
SHIB holders are happy with the meme coin’s recent price performance. At the time of writing, SHIB is trading at $0.000018, up 3% in the past 24 hours. This represents a 13.5% increase from its low point of $0.00001585 on July 12.
This price jump has pushed many more SHIB addresses into profitability, with 52.14% of addresses now in the green. While Bitcoin’s recent price gains have contributed to this, the surge in whale transactions likely played a role as well.
Accumulating for the Future?
The recent whale activity suggests they might be accumulating SHIB, which is a positive sign for future price action. Some whales might be moving their coins off exchanges, which could create a ripple effect and generate more interest in SHIB.
If this trend continues, SHIB could continue its price climb and potentially reach a major resistance level around $0.0000209.
