Shiba Inu (SHIB) has witnessed a sharp increase in whale activity, with large transactions driving liquidity in the market. According to data from Santiment, whale transactions in SHIB have skyrocketed by 360.18%, specifically for trades exceeding $100,000. This surge places Shiba Inu ahead of many top cryptocurrencies in terms of large transaction growth.

SHIB Outperforms Most Top Cryptocurrencies in Whale Activity

Despite the rise in whale transactions, SHIB’s price has faced a slight decline. During the same period, SHIB’s market price fell by 1%, currently trading at $0.000018. Still, Shiba Inu outpaced other top cryptocurrencies in percentage increases in whale activity, falling just behind Injective (INJ) and Wrapped Bitcoin (WBTC), which recorded 456% and 421% rises, respectively.

_{^{Source: Santiment}}

In contrast, cryptocurrencies like MakerDAO’s DAI, PEPE, and Tether’s USDT saw smaller spikes in whale transactions. Though the price declined slightly, Shiba Inu’s transaction volume stayed strong. 

Related article: Shiba Inu Adopts Cutting-Edge FHE Technology for Stronger Privacy

SHIB’s daily trading volume reached $573.54 million, representing a 5.65% increase. Over the past week, SHIB has followed an upward price trend alongside increased trading activity, indicating strong liquidity.

High-Activity Addresses Drive SHIB’s Liquidity

Data from IntoTheBlock highlights the role of high-activity addresses in boosting SHIB’s whale activity. These active accounts represent 41.73% of SHIB’s total whale wallets, contributing significantly to market liquidity. Low-activity whale accounts, on the other hand, play a smaller role, comprising just 1.17% to 3.89% of the total.

Related article: Will Shiba Inu Hit $0.00002421 in Uptober? Expert Pinpoints Key Buy Zones for Investors

Meanwhile, retail investors show much lower activity, with their engagement ranging from 0.82% to 0.95%. This highlights a stark contrast between retail investors and whales, with whales largely influencing SHIB’s market movements. A market analyst recently forecasted that Shiba Inu could see a price surge in October, buoyed by increased trading optimism. This month, referred to as “Uptober” by crypto traders, has historically seen positive market trends. 

Analyst SHIB KNIGHT identified potential price targets for Shiba Inu ranging from $0.00002148 to $0.00002421, indicating a possible strong performance in the near future.