Shiba Inu (SHIB) has recently experienced a significant surge in activity as large holders, also known as “whales,” have reappeared in the market. Data from IntoTheBlock reveals that the transaction volume for SHIB has soared by an impressive 176% in the past 24 hours, leading to a notable 15% increase in the SHIB price.
According to IntoTheBlock, the large transaction volume for Shiba Inu reached 4.18 trillion SHIB, equivalent to $62.57 million. This surge in volume suggests that SHIB whales are either accumulating more tokens or moving large quantities of them. Large transactions greater than $100,000 often indicate whale activity, indicating that these influential holders are actively buying or selling.
While the exact reasons for this surge in whale activity remain unknown, there are several potential factors at play. Improved market sentiment in the broader cryptocurrency market could be encouraging whales to increase their positions in SHIB. Additionally, the recent price jump of over 16% to $0.00001595 might have attracted whales who foresee future price increases and are strategically accumulating SHIB under current market conditions.
As market participants eagerly watch the sustained price rebound of SHIB, attention is focused on whether the current surge in whale activity can support further price growth. If this upward trend continues, SHIB may face its next significant resistance level between $0.000015 and $0.000019. Conversely, if the market turns, an intermediate support level at $0.000014 could come into play.