In less than 48 hours, Shiba Inu (SHIB) experienced significant market dynamics marked by extreme fear, greed, and uncertainty in the crypto market. During this period, SHIB’s price plummeted by 23% before soaring by 28%, ultimately reaching $0.000011—a level not seen since March of this year. The long wick on the Shiba Inu chart indicates that buyers appreciated this price for SHIB.

Whale Activity And Transaction Volume

On-chain data reveals the extent of SHIB trading during this turbulent period, especially by the largest players—whales, who significantly influence price movements and trends. According to IntoTheBlock, large transactions in the last 24 hours amounted to 9 trillion SHIB, equivalent to $119.82 million. 

_{Source: IntoTheBlock}

These calculations considered only transactions of at least $100,000 in SHIB, with 185 such transactions recorded during the period. In comparison, the previous day’s turnover on SHIB was just 1.53 trillion tokens, representing a remarkable increase of 588%.

Related article: SHIB Metaverse Teasers Generate Excitement Pre-Launch

Current Price And Market Position

Currently, Shiba Inu is priced at $0.00001388, with a market cap of $8.18 billion. This valuation secures SHIB the 13th position in the top cryptocurrency rankings.

_{SHIB to USD Source: CoinMarketCap}

The future price trajectory of Shiba Inu hinges on whether whale activity continues. If whales maintain their current level of activity, SHIB may experience further price movements. Conversely, a decline in whale transactions could lead to stabilization or a potential decrease in SHIB’s price. 

Related article: Shibarium Surpasses Six Million Blocks: What It Means for SHIB

These factors will provide crucial insights into Shiba Inu’s future in the volatile crypto market. In summary, Shiba Inu has experienced dramatic price fluctuations and an extraordinary surge in whale activity. 

As the market continues to respond to these dynamics, the ongoing actions of whales will play a critical role in shaping SHIB’s future price movements.