Shiba Inu’s on-chain activity has surged dramatically, with 2.1 trillion SHIB transactions occurring in a single day. This spike highlights a renewed interest in the Shiba Inu ecosystem, primarily driven by large investors, commonly referred to as whales.
Recent on-chain data analysis shows that significant transactions peaked earlier this week, hitting 98 large movements. However, this figure has now dropped to 47 within the last 24 hours. The transaction volume also saw wide fluctuations. On September 9, a staggering 3.21 trillion SHIB moved, compared to just 645 billion SHIB two days earlier on September 7.
SHIB/USDT Chart Source: TradingView
Whale Movements Signal Strategic Actions
This sharp increase in activity suggests that whales are becoming more active, likely to either liquidate or accumulate large amounts of SHIB. Historically, whales have played a crucial role in Shiba Inu’s price movement. The concentration of large holdings has given them a powerful influence over the token’s market value.
Related article: Shiba Inu Whales Drive Market Shift with 1.11 Trillion Token Transfers
These whale-driven transactions are known to cause significant market volatility. Depending on the direction of their trades, this activity can result in sudden price spikes or dumps. The recent surge in large transactions may signal that a major price shift—either upward or downward—is imminent.
Monitoring Resistance and Support Levels
With this heightened activity, it is crucial to monitor SHIB’s resistance and support levels closely. A large buy or sell action could easily break the current trend, potentially pushing the price to new highs or triggering a pullback.
Related article: SHIB Gains Momentum with 367% Increase in Whale Transactions
As whale activity continues, it is expected to have a direct impact on the market. The surge in Shiba Inu transactions suggests that whale activity is picking up, increasing the likelihood of price volatility.
Although it’s unclear if this marks the start of a long-term trend, whales remain key players in shaping SHIB’s price movement, making their next actions vital to the market’s direction.
