Shiba Inu (SHIB) recently witnessed a sharp rise in whale activity. Large transactions increased by an impressive 360.18%, according to Santiment data. Transactions exceeding $100,000 have surged, positioning SHIB among the top-performing cryptocurrencies in terms of whale activity.
Despite this uptick in transactions, SHIB’s price experienced a slight decline. It fell by 1%, with the current trading price at $0.000018. However, this price movement contrasts with the past week’s performance, where SHIB showed consistent growth alongside a rise in transaction volume.
Whales Lead the Charge in Shiba Inu Transactions
Whales have played a pivotal role in SHIB’s recent market activity. High-activity whale addresses now represent 41.73% of SHIBās total whale accounts. These active accounts have contributed significantly to the liquidity and market dynamics.
In comparison, low-activity whale addresses only account for 1.17% to 3.89%. This indicates that the majority of whale-driven liquidity comes from a few highly active accounts. Meanwhile, retail investor addresses have shown lower engagement. The most active retail investors represent between 0.82% and 0.95% of total SHIB addresses.
Despite the slight price dip, SHIBās daily trading volume remains strong. The volume hit $573.54 million, reflecting a 5.65% rise. This increase in whale-driven liquidity is expected to play a significant role in the coin’s future movements.
Market Optimism for Shiba Inu in October
Market analysts predict a potential price surge for Shiba Inu in October. The crypto community often refers to this period as āUptober,ā which historically brings bullish momentum to the market.
According to market analyst SHIB KNIGHT, SHIB could reach price targets between $0.00002148 and $0.00002421. Despite recent price fluctuations, the increase in whale transactions suggests growing confidence in SHIBās potential for the coming month.
In conclusion, Shiba Inu’s surge in whale activity points to strong liquidity and a promising October ahead.
