Upswing in Whale Activity Observed
Following a lull in activity, large Shiba Inu (SHIB) holders, known as whales, have resumed trading and accumulation amidst a broader surge in the cryptocurrency market. These mega-owners have been influential drivers of SHIB’s price movements in the past.
Increase in Transactions
Data from Etherscan shows a significant increase in the number of SHIB transactions involving large quantities. Over the past week, whales have collectively moved over 10 trillion tokens, suggesting a renewed interest in accumulating the asset.
Whales Buying the Dip
The recent market correction provided an opportunity for whales to add to their holdings at a discount. SHIB’s price dropped by over 50% from its all-time high in October, creating a potential buying opportunity for long-term investors.
Impact on SHIB Price
Whales’ accumulation and trading activity can significantly impact SHIB’s price. Large sell orders can temporarily drive the price down, while large buy orders can provide support and push it up.
Market Sentiment
The overall market sentiment for SHIB remains positive, with many analysts predicting further gains in the coming months. The token’s fundamentals, including its strong community and active development team, continue to attract investors.
Conclusion
The resumption of activity by Shiba Inu mega-owners is a sign of renewed confidence in the asset. This, coupled with the overall positive market sentiment, suggests that SHIB may be well-positioned for further growth in the future.
Kind regards S. de Vries.
