Shiba Inu (SHIB), a popular meme token, has witnessed a notable surge in whale activity, according to cryptocurrency analytics platform IntoTheBlock. The volume of large transactions exceeding $100,000 has soared by 295%, indicating significant buying or selling actions by large holders, known as whales. Over the last 24 hours, this activity encompassed 4.95 trillion SHIB, valued at approximately $95.57 million.
What Is Driving Whale Activity?
The substantial growth in whale activity suggests strategic maneuvers by large SHIB holders to stabilize the cryptocurrency’s price. Despite a 10.44% drop in SHIB’s price to $0.0000181, trading volume has increased by 156% within the same period. This heightened transaction volume could be an attempt by whales to establish a price floor and prevent further declines.
Which Support Levels Are Critical?
Shiba Inu has approached a crucial support threshold where substantial amounts of SHIB have been purchased by numerous investors. IntoTheBlock data reveals that 501.18 trillion SHIB were acquired at an average price of $0.000016 by 80,950 addresses within the $0.000014 to $0.000019 range. These support levels are essential to halt further price drops.
Key Inferences for Investors
In light of recent developments, several valuable insights can be drawn for investors:
- Monitor whale activity for potential price floors or ceilings.
- Identify and understand critical support levels to inform trading strategies.
- Consider the impact of large transactions on market stability.
Should the whale activity effectively defend the 501 trillion SHIB range, it could prevent further depreciation and potentially signal a recovery. Conversely, failure to maintain this support could lead to continued declines, prompting investors to seek new support levels between $0.000008 and $0.000014. This ongoing fluctuation underscores the importance of closely tracking market movements and whale behavior.