Shiba Inu (SHIB) is making waves again, thanks to a resurgence of whale activity. Over 1.3 trillion SHIB tokens changed hands in the past 24 hours, a clear indicator of increased interest from large investors.
On-Chain Data Reveals Whale Frenzy
On-chain metrics corroborate this uptick. The past week witnessed 42 large transactions, culminating in a seven-day high of 55 transactions on July 25. Conversely, activity dipped to a seven-day low of 15 transactions on July 28. This seesaw pattern suggests that whales are re-engaging with the Shiba Inu ecosystem.
SHIB Trading Volume Explodes
Read Also: SHIB Burns Surge, New Web3 Game Set to Launch on Shibarium
To underscore the magnitude of this whale-driven frenzy, consider the trading volume. A staggering 1.33 trillion SHIB traded hands in the past day alone. This figure dwarfs the seven-day low of 365.69 billion SHIB and approaches the seven-day high of 1.95 trillion SHIB. Such astronomical volumes signify a growing conviction among significant holders.
Price Stabilization Amidst SHIB Whale Frenzy
While Shiba Inu’s price has been on a downward trajectory, it has recently stabilized around the $0.000016 mark. This equilibrium, coupled with the intensifying whale activity, could potentially mark a price bottom and a subsequent reversal.
Bullish Indicators Emerge For Shiba Inu
A closer look at the token’s metrics reveals a bullish undercurrent. Approximately 48% of SHIB holders are currently in profit, while 47% are underwater. This suggests a growing potential for a price upsurge. Moreover, the concentration of SHIB among large holders stands at a substantial 73%, highlighting their influence on the token’s dynamics.
On-Chain and Exchange Data Point to Bullish Sentiment
On-chain indicators, such as net network expansion and the recent surge in large transactions, paint a positive picture for Shiba Inu. Furthermore, exchange data reveals a bid-ask volume imbalance of 10.31%, indicating a preponderance of buying interest. However, whether this buying pressure is sufficient to propel the price higher remains to be seen.
Conclusion
The resurgence of whale activity in the Shiba Inu market is undeniable. While the price has yet to fully rebound, the underlying fundamentals appear promising. As the situation evolves, investors will be keenly watching for signs of sustained price appreciation.
