Image default

Shiba Inu at $0.001 Price Hangs In The Balance As SHIB Whale Activity Skyrockets By 570%

While the crypto market grapples with significant losses, a surprising trend has emerged within the Shiba Inu (SHIB) community. Large holders, often called “whales,” have orchestrated a remarkable surge in activity, hinting at strategic planning and anticipation of future gains.

Despite SHIB’s 12% price drop and general market turmoil, this surge in whale activity raises intriguing questions about their motives and the potential impact on SHIB’s price trajectory.

Surge in Shiba Inu Large-Holder Inflows

Data from IntoTheBlock reveals a staggering 570% surge in large-holder inflows for Shiba Inu. On April 11, these addresses held 404.81 billion SHIB, but by April 12, this figure skyrocketed to 2.66 trillion SHIB. This surge suggests that whales are actively accumulating SHIB tokens, possibly anticipating a market turnaround or other strategic moves.

Coinciding with the surge in large-holder inflows, Shiba Inu witnessed a substantial increase in large transaction volume. Within 24 hours, the volume surged by 276.25%, with 8.63 trillion SHIB transferred in large transactions. In monetary terms, this translates to a whopping $212.56 million. Such a surge in large transactions typically indicates heightened activity among institutional players or whales.

Potential Scenarios Driving SHIB Whale Activity

Several scenarios could explain the recent surge in large-holder activity. One possibility is that whales are exploiting the market correction to accumulate SHIB at discounted prices.

This strategic move suggests that whales believe SHIB’s price may bounce back in the near future, offering a substantial boost to the coveted $0.001 price point. Additionally, whales may move their tokens to cold storage for safekeeping, anticipating future price increases.

The timing of this surge in whale activity is particularly noteworthy amidst the broader market turmoil. Cryptocurrencies, including SHIB, faced significant losses as risk-off sentiment gripped traditional and digital markets.

However, the surge in whale activity suggests that these large holders are undeterred by short-term market fluctuations and are instead focused on long-term gains.

Price Impact and Market Sentiment

Despite the market downturn, SHIB’s price resilience is evident. Following the 12% drop, SHIB managed to recover marginally. This resilience and the surge in whale activity could indicate underlying bullish sentiment among large holders. While the market remains volatile, the strategic moves of these whales hint at a positive outlook for SHIB’s future price action.

Rekt Capital, with over 500k followers on X, recently predicted that Shiba Inu’s price will climb to levels not seen since early 2022. According to Rekt Capital, if the meme coin breaks through its current resistance level, its value could skyrocket by triple digits. Additionally, crypto content creator Jake Gagain expressed optimism, stating that dismissing Shiba Inu could be a significant mistake.

Another notable voice in the crypto community, CRYPTO SHERIFF, also weighed in earlier this week, suggesting that SHIB has broken out. This analyst predicted that this breakout could lead to a 350% price rally in the near future.

Related posts

Shiba Inu Run Towards $0.001 SHIB Price In Play As Ethereum-To-Shibarium Bridge Goes Live In Beta

Ondrej Simon

Biggest Crypto Hack Of 2023: Mixin Network Shuts Down Withdrawals After Losing $200M To Hackers

Ondrej Simon

Analyst Reveals Why He’s Choosing ETH Over BTC For Long Positions

Ondrej Simon