Shiba Inu whale transactions has skyrocketed by 240%, as large-scale investors were seen moving trillions of SHIB tokens this week. Considering the significant increase in movement of SHIB whales, Shiba Inu price may resume the previously halted uptrend to $0.00002.
SHIB Whale Activity Surge
New data from IntoTheBlock has shown a massive 269% increase in Shiba Inu whale transactions. On October 20, the total volume of large-scale transactions was SHIB Whale estimated at 925.79 billion. However, in just one day, whale transaction volume soared to 3.42 trillion, a threefold increase compared to the previous day.
With an average Shiba Inu price of $0.000018, this means that whales have moved over $61.5 million worth of SHIB tokens in just one day. Surprisingly, this is not the largest volume SHIB whale transfer visible only in October.
On October 9, ITB reported this large transaction volume jumped to 4.15 trillion. Additionally, on October 11, whale activity surged to 3.78 trillion, underscoring increased investor engagement with the popular meme coin. Based on the recent surge in large SHIB transactions, it can be concluded that Shiba Inu whales may be very bullish on meme coins.
Over the past few months, SHIB has undergone changes dampened momentummost experienced small increases and failed to experience significant price increases. However, this new change in whale sentiment could be a potential driver for Shiba Inu price.
Deep improvement whale activity also indicates a shift in market sentiment from negative to positive. Additionally, demand and interest in Shiba Inu seems to be increasing rapidly despite the meme coin being known for its volatility and price fluctuations.
Can SHIB Price Reach $0.00002?
Over the past few weeks, the price of Shiba Inu has been rising trying to break the $0.0002 mark but failed to do so many times. As the second largest meme coin according to market capitalizationSHIB has been one of the prominent players in the crypto world, often following in the footsteps of Dogecoin, the top meme coin.
Although market conditions have not been very favorable for Shiba Inu, the recent 269% increase in whale activity could push the price of Shiba Inu to $0.00002. Earlier this year, Shiba Inu was trading well above $0.00004making new prices high because demand soars.
Although this demand was short-lived, Shiba Inu continued to trade near the $0.00002 mark, experiencing small gains here and there. However, of late, the price has been consolidating around the $0.000018 threshold. While this stalled momentum may worry investors, a new surge in whale activity could be an indication of a price breakout in the near future.
Featured image created with Dall.E, a chart from Tradingview.com