Shiba Inu whale transactions have skyrocketed by a whopping 240%, as large-scale investors have been seen moving trillions of SHIB tokens this week. Considering the significant increase in SHIB whale movements, the price of Shiba Inu could continue its previously halted uptrend to $0.00002.
SHIB Whale Activity Spikes
New data from IntoTheBlock has shown a massive 269% increase in the Shiba Inu whale transactions. On October 20, the total volume of large-scale transactions by SHIB whales was estimated at 925.79 billion. However, in just one day, whale transaction volume skyrocketed to 3.42 trillion, basically tripling the volume from 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 of SHIB whale transfer seen in just the month of October.
On October 9, ITB reported that large transaction volume had surged to 4.15 trillion. Additionally, on October 11, whale activity spiked to 3.78 trillion, underscoring investors’ increased involvement with the popular meme coin. Based on the recent surge in large SHIB transactions, it can be deduced that Shiba Inu whales may be significantly bullish on the meme coin.
Over the past few months, SHIB has had a rather muted momentum, mostly seeing minor gains and failing to experience any notable price highs. However, this new change in whale sentiment could be a potential driver for the Shiba Inu price.
The increase in whale activity also signals a shift in market sentiment from negative to positive. Moreover, the demand and interest in Shiba Inu seem to be increasing rapidly despite the meme coin’s notorious volatility and price fluctuations.
Can SHIB’s Price Reach $0.00002?
Over the past few weeks, the Shiba Inu price has been attempting to breach the $0.0002 mark but has failed to do so on multiple occasions. As the second largest meme coin by market capitalization, SHIB has been one of the standout performers in the crypto space, often following the tracks of Dogecoin, the top meme coin.
While market conditions have not been so favourable for Shiba Inu, the recent 269% increase in whale activity could catalyze to propel Shiba Inu’s price to $0.00002. Earlier this year, Shiba Inu was trading well above $0.00004, making new price highs as demand for it surged.
Although this demand was short-lived, Shiba Inu continued to trade close to the $0.00002 mark, experiencing slight gains here and there. However, lately, its price has been consolidating around the $0.000018 threshold. While this muted momentum may concern investors, the new surge in whale activity could be an indication of an imminent price breakout.
Featured image created with Dall.E, chart from Tradingview.com
Source: https://bitcoinist.com/shiba-inu-price-0-00002/