Shiba Inu Whales Drive Market Momentum Amid Promising Trends

July 10, 2024
Shiba Inu Whales Drive Market Momentum Amid Promising Trends

Major Shiba Inu (SHIB) holders, often referred to as “whales,” are making significant moves in the market, signaling a potential shift in the meme coin’s trajectory. Recent data suggests that these influential investors are accumulating SHIB, fueling optimism for a price recovery.

Last Friday, Shiba Inu experienced a surge in large transactions, those exceeding $100,000 in value, with a total of 4.29 trillion SHIB changing hands. This marked the highest single-day volume in nearly two weeks, sparking speculation about the motivations behind this whale activity.

Further analysis of on-chain data revealed a predominantly bullish trend. While some whales were selling, the majority were accumulating SHIB. Last Friday alone, bulls acquired 4.24 trillion SHIB, surpassing the 4.18 trillion SHIB sold by bears, leading to a net inflow of 48.67 billion tokens.

This bullish sentiment extended throughout the past week, with 133 “bullish” investors (those who purchased over 1% of the 24-hour trading volume) outnumbering the 127 “bearish” investors. This suggests a growing confidence among larger investors in SHIB’s potential.

Data from IntoTheBlock further supported this trend. In the last week, there were 84 large transactions, peaking at 199 transactions on Wednesday. The total amount of SHIB traded also reached a seven-day high of 5.71 trillion SHIB on Sunday.

The resurgence of whale activity in the SHIB market could signal a significant shift in the meme coin’s dynamics. Such large transactions often reflect institutional investors’ confidence in an asset’s near-term potential or strategic positioning. However, it’s important to remember that the crypto market remains inherently volatile, and these trends don’t guarantee a sustained price recovery.

Shiba Inu defied recent downturns, showing a glimmer of hope with a modest 0.88% gain in the last 24 hours, reaching $0.00001648 as of 8:52 a.m. ET on Wednesday. Despite a 28.63% dip over the past month, the meme coin’s trading volume remains robust at $271,784,911, underscoring continued market interest.

Furthermore, CoinMarketCap data reveals a 1.11% increase in Shiba Inu’s market capitalization, now standing at a substantial $9,722,639,638, with a circulating supply of 589,270,821,530,683 SHIB. This uptick in market cap, coupled with the recent price bump, might signal a potential reversal in the coin’s fortunes, adding to the optimism fueled by the steadfastness of SHIB whales.

While the future remains uncertain, the data paints a cautiously optimistic picture for Shiba Inu. The actions of SHIB whales, combined with the broader market trends, indicate that the meme coin might be gearing up for a promising future. However, as with any investment, due diligence and careful consideration are crucial before making any financial decisions.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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