Shiba

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Shiba Inu

Data has shown an increase in activity for Shiba Inu whales, teasing what could be a catalyst for an uptrend. Notably, the past few days have seen a surge in whale transactions, with data revealing a 340% increase in the volume of these large transactions.&nbsp; 
With SHIB now <a href="https://bitcoinist.com/shiba-inu-turns-bullish-crypto/">trading below $0.00003</a> and forming support at the $0.0000257 level, could the surge in whale transactions turn price action on its heels and lead to a surge? 
<h2 id="whale-transactions-see-340-surge">Whale Transactions See 340% Surge</h2> 
Shiba Inu is home to a lot of whale investors, with large holders holding 73% of the total circulating supply as shown by <a href="https://app.intotheblock.com/coin/SHIB" rel="nofollow noopener" target="_blank">IntoTheBlock data.</a> As a result, activity from these whales is known to move the market, particularly when they move large amounts of coins. 
According to <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=largeTransactions" rel="nofollow noopener" target="_blank">data </a>from ITB, the volume of whale transactions jumped up from 1.4 trillion SHIB on March 21 to 6.16 trillion SHIB in the past 24 hours, representing a surge of over 340% in the space of a few days.&nbsp; 
ITB’s large transaction metric tracks the number and volume of transactions with a value of $100,000 or greater. Interestingly, the number of transactions falling into this category shot up from 157 transactions to 372 transactions in the same time frame.&nbsp; 
<h2 id="what-s-next-for-shiba-inu">What’s Next For Shiba Inu?</h2> 
SHIB is currently going through a moderate <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-dips-below-0-00003-again-can-bulls-reverse-the-bullish-momentum/" rel="nofollow noopener" target="_blank">price sell-off</a> as the wider crypto industry continues to <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k/" rel="nofollow noopener" target="_blank">perform with lackluster action</a>. Consequently, the price of SHIB has fallen by 10.36% in the past seven days.&nbsp; 
At the same time, this interesting surge in transaction volume demonstrates the current dynamic among SHIB traders holding large amounts of the token. This surge in trading volume could mean an increased accumulation from large traders, or they could be selling some of their holdings. An example is a case <a href="https://www.newsbtc.com/news/shiba-inu-shib-slumps-as-whale-sell-off-dampens-momentum-details/" rel="nofollow noopener" target="_blank">reported by NewsBTC</a>, in which 11 wallets offloaded 533.6 billion SHIB tokens to realize a joint profit of $8.24 million (+106%) in less than a month. 
SHIB consolidation pushed the token’s price by as much as 13% in the past 24 hours to trade at $0.00002565. However, the bulls have reversed the price into green territory and SHIB is trading at $0.0000271 at the time of writing, up by a meager 0.75% in the past 24 hours.&nbsp; 
However, Shiba Inu community members remain steadfast in a <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-going-to-0-0001/" rel="nofollow noopener" target="_blank">bullish price trajectory</a> in the current bull market phase. Notably, $0.000044 sets the current threshold for how far SHIB has reached this cycle. A return to this price level <a href="https://www.newsbtc.com/shiba-inu/shiba-inu-price-mirrors-2021/" rel="nofollow noopener" target="_blank">remains possible</a> as SHIB continues to <a href="https://x.com/Shibtoken/status/1775179483756073256?s=20" rel="nofollow" target="_blank">receive global recognition</a>.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/QiMvsUzc/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1530">

Shiba Inu Whale Transactions See 340% Surge, Can They Push SHIB To $0.00004?

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