Shiba Inu (SHIB) whales are again within the highlight with a surprising surge in market activity. Recently, these large holders executed a staggering transaction of over 1.3 trillion SHIB, sparking debates about whether this move may very well be a bullish or bearish signal for the market.
SHIB Whales Are Back Again
Within the last 24 hours, Shiba Inu has witnessed a massive surge in whale activity, with large-scale token holders transferring over 1.38 trillion SHIB among the many top crypto exchanges. Data from IntoTheBlock revealed that this significant spike had been executed by whales with SHIB accounts value $100,000 and above.
Much more impressive, whales have executed transactions totaling roughly 2.12 trillion SHIB over the past seven days. This notable surge in market activity comes on the heels of a fair larger transaction volume involving 8 trillion SHIB by whales earlier in August.
Shiba Inu’s sudden increase in market activity suggests that whales are finally returning after an in depth period of silence. More often than not, these large-scale holders are certainly one of the largest triggers for a trend shift in most meme coins.
With Shiba Inu showing signs of possible stabilization, whales could also be positioning themselves for a potential price increase in the longer term. By purchasing a big amount of tokens at a low price, these large token holders could potentially profit once the worth of the cryptocurrency increases.
Typically, transactions of this scale are inclined to impact the value of a cryptocurrency. Since meme coins are highly at risk of changes in social sentiment and market activities, the recent resurgence in whale transactions could signal a bullish trend.
It’s because buying large amounts of a selected meme coin can reflect an increased confidence within the asset, possibly driving the value higher.
Then again, large transactions may very well be an indication of market manipulation, where whales try to drive the value of a cryptocurrency, making a false sense of stability and potentially leading to a more bearish outlook.
Despite the recent surge in whale activity, the value of SHIB has not witnessed any significant change. As of writing, the meme coin is trading at $0.0000149, in keeping with CoinMarketCap.
Shiba Inu Rebounds To Second In Meme Coin Social Activity
Shiba Inu’s social activity is on the rise again, reclaiming its position as a serious player amongst meme coins by surging to second place within the social activity charts. Earlier this yr, the dog-themed meme coin made headlines for being certainly one of the top-searched cryptocurrencies on the Google search engine.
Lucie, Shiba Inu’s lead marketer, recently disclosed in an X (formerly Twitter) post that the cryptocurrency has finally regained its second spot.
This comeback is marked by a 3.95% increase in social dominance, a surge of three.76 million in social-driven engagements and interactions, and a 20,300 rise in its variety of social posts.
Cover image from Dall-E, chart from Tradingview