Shiba Inu (SHIB) is facing numerous challenges to maintain its positive momentum. However, large SHIB holders, often referred to as “whales,” have increased their involvement, countering the sell-offs initiated by some long-term holders (HODLers). The number of substantial transactions on the Shiba Inu network has surged, signaling renewed interest from significant investors.
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Whale Transactions Surge by 41%
IntoTheBlock, a prominent crypto analytics platform, large transactions on the Shiba Inu network have soared by over 41% in the past 24 hours. These transactions amounted to a total value of $29.74 million. This whale transaction metric is crucial for assessing the overall health of the meme coin.
SHIB/USDT Source: TradingView
A total of 91 significant transactions, each worth at least $100,000, were recorded during this period. Over the past week, the transaction count jumped from a low of 48 to a high of 209.
Volume Spikes Across Networks
In terms of volume, these large transactions moved 1.68 trillion SHIB tokens within the 24-hour window. Moreover, this marks a significant increase from a weekly low of 925.75 billion SHIB, rising to a high of 3.42 trillion SHIB over the past week. At the time of writing, SHIB has recovered some of its previous losses, increasing by 0.44% to $0.00001775.
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The recovery highlights the positive impact of whale activity, helping stabilize the token amidst growing sell-offs. Shiba Inu remains one of the most dynamic meme coins in the crypto market. While whale transactions have likely boosted investor confidence, the coin reported no SHIB burn activities within the last 24 hours.
The involvement of the project’s core developers and the community’s excitement over new products like the SHI stablecoin have fueled optimism for future growth. This renewed whale activity could be the start of a larger rally for Shiba Inu.
