Shiba Inu (SHIB) whales are again in the spotlight with a surprising surge in market activity. Recently, these large holders executed a staggering transaction of over 1.3 trillion SHIB, sparking debates about whether this move could be a bullish or bearish signal for the market.
SHIB Whales Are Back Again
In the last 24 hours, Shiba Inu has witnessed a massive surge in whale activity, with large-scale token holders transferring over 1.38 trillion SHIB among the top crypto exchanges. Data from IntoTheBlock revealed that this significant spike had been executed by whales with SHIB accounts worth $100,000 and above.
Even more impressive, whales have executed transactions totaling approximately 2.12 trillion SHIB over the past seven days. This notable surge in market activity comes on the heels of an even larger transaction volume involving 8 trillion SHIB by whales earlier in August.
Shiba Inu’s sudden increase in market activity suggests that whales are finally returning after an extensive period of silence. More often than not, these large-scale holders are one of the biggest triggers for a trend shift in most meme coins.
With Shiba Inu showing signs of possible stabilization, whales may be positioning themselves for a potential price increase in the future. By purchasing a significant amount of tokens at a low price, these large token holders could potentially profit once the value of the cryptocurrency increases.
Typically, transactions of this scale tend to impact the price of a cryptocurrency. Since meme coins are highly susceptible to changes in social sentiment and market activities, the recent resurgence in whale transactions could signal a bullish trend.
This is because buying large amounts of a particular meme coin can reflect an increased confidence in the asset, possibly driving the price higher.
On the other hand, large transactions could be a sign of market manipulation, where whales attempt to drive the price of a cryptocurrency, creating a false sense of stability and potentially resulting in a more bearish outlook.
Despite the recent surge in whale activity, the price of SHIB has not witnessed any significant change. As of writing, the meme coin is trading at $0.0000149, according to CoinMarketCap.
Shiba Inu Rebounds To Second In Meme Coin Social Activity
Shiba Inu’s social activity is on the rise again, reclaiming its position as a major player amongst meme coins by surging to second place in the social activity charts. Earlier this year, the dog-themed meme coin made headlines for being one of the top-searched cryptocurrencies on the Google search engine.
Lucie, Shiba Inu’s lead marketer, recently disclosed in an X (formerly Twitter) post that the cryptocurrency has finally regained its second spot.
This comeback is marked by a 3.95% increase in social dominance, a surge of 3.76 million in social-driven engagements and interactions, and a 20,300 rise in its number of social posts.
Cover image from Dall-E, chart from Tradingview
Source: https://bitcoinist.com/shiba-inu-whales-back-in-action-with-over-13-t-shib/