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Shiba Inu whales

Shiba Inu Price Could Resume Uptrend To $0.00002 As Whale Transactions Jump 240% To 3.42 Trillion SHIB

Scott Matherson
by Scott Matherson
11 months ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Elon Musk Says He’s Not Actively Involved In Crypto, Then Why Is He So Bullish On Dogecoin?

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.

Related Reading: Analyst Predicts Dogecoin Price Will More Than Double To $0.37, The Timeline Will Shock You

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. 

Shiba inu price chart from Tradingview.com
SHIB price falls with the market | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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