Whale Activity on the Rise
Despite the recent price drop in Shiba Inu (SHIB), some whales have been making big moves. In the past 24 hours, they’ve transferred a whopping 1.55 trillion SHIB tokens, worth around $26.6 million.
Large Transactions Soaring
This isn’t a one-off event. In the past seven days, whales have moved a total of $320.16 million worth of SHIB. On June 24th alone, they transferred 6.43 trillion SHIB, the highest 24-hour volume this week.
What’s the Deal?
These whale transactions can be both exciting and concerning for investors. Whales have the power to influence market prices with their trades.
Bearish or Bullish?
On one hand, these large transfers could indicate that whales are selling off their SHIB during the price decline. But it’s unlikely that all whales are doing this.
Buying Opportunity?
On the other hand, some whales may see the recent dip as a buying opportunity. They could be accumulating large amounts of SHIB in anticipation of a price rebound.
Price Action Suggests Bullishness
Interestingly, the price of SHIB has risen by 1.5% in the past 24 hours. This, along with an 18.20% increase in trading volume, suggests that the whales’ buying activity may be paying off.
