SHIB Gains Momentum with 367% Increase in Whale Transactions

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Shiba Inu (SHIB), the popular dog-themed cryptocurrency, experienced a significant 367% increase in large transaction volumes, signaling heightened whale activity. According to data from IntoTheBlock, SHIB saw a total large transaction volume of $43.52 million, equivalent to 3.21 trillion SHIB tokens. Large transactions, typically carried out by whales and institutional investors, spiked considerably, indicating either a surge in buying or selling.

_{Transactions Volume, Source: IntoTheBlock}

Whale Activity Sparks Bullish Momentum

The spike in whale transactions has coincided with positive price action for SHIB. Over the past 24 hours, the cryptocurrency’s price rose by 2.22%, continuing its upward trend. Large Transaction Volume is a crucial indicator of whale movements, and a surge in this metric often points to increased interest from big players in the market. The recent jump reflects growing optimism around SHIB, as whales increase their holdings or reposition themselves for future gains.

SHIB began its price recovery on September 6 after hitting a low of $0.00001231. Over the next three days, the cryptocurrency saw a steady rebound, reaching a peak of $0.0000137 by September 9. At the time of writing, SHIB is trading at $0.0000134, showing signs of stabilization. This recovery aligns with a broader market resurgence, with Bitcoin also bouncing back after a challenging start to September, when it briefly fell below $53,000.

Market Context and Outlook

The recent recovery in cryptocurrency markets comes amid a general rebound in U.S. stocks. Both the Nasdaq and S&P 500 climbed 1.15% earlier this week, signaling improving market sentiment.

Historically, September has been a challenging month for crypto prices, but the upcoming months, particularly October and the fourth quarter, have often been favorable. With SHIB’s bullish whale activity and growing market optimism, traders are watching for a potential break above key resistance levels, such as the daily SMA 50 and 200.