Shiba Inu Whale Activity Surges Amidst Major Price Breakout
Shiba Inu whale activity is on the rise amid a major price breakout for the dog-themed cryptocurrency. Data from IntoTheBlock indicates that 1.3 trillion SHIB was transferred in large transactions of no less than $100,000 in the past day. This is up significantly from the day before by 115%. The increase was characterized by a $10.15 million increase in the volume of whale transactions.
About 73% of Shiba Inu’s holders are whales, according to data from IntoTheBlock. With such a large concentration of whales, the SHIB market often witnesses substantial transactions. Whale movements and price pumps for Shiba Inu often go hand in hand, so it’s no surprise to see whales moving around a potential price breakout for the coin.
At press time, SHIB is trading at $0.00001414. However, just this morning the coin jumped over 5.62%, reaching $0.0000145, which is its highest price in a month. SHIB’s price has also increased by nearly 92% over the past year. SHIB’s rally could be due to Bitcoin (BTC) reclaiming the $62,000 level for the first time since late August 2024. The general market sentiment seems to have undergone a bullish reversal. Now, meme coins like SHIB are breaking out of the fear index into bullish optimism. This reversal has brought new price predictions that see SHIB going up in the final days of September.
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According to Changelly’s analysis, Shiba Inu (SHIB) will continue rallying over the next few days. The platform anticipates the asset hitting $0.00002689 on Sunday, Sept. 22, 2024. Reaching $0.00002689 from current price levels will translate to a rally of about 92.35%. However, the analysts at Changelly also see a price correction for SHIB correcting it to sub $0.00002 by the start of October.
Overall trading volume for SHIB is down 21.18% at press time, and the token has returned under $0.0000145. However, this won’t be the last significant wave of whale activity to take place around Shiba Inu. Indeed, whales tend to float around SHIB often, and if the price continues to rally, a large wave of SHIB whale transactions could see the asset go on a mini bull run to begin Q4 2024.