- The cryptocurrency Shiba Inu (SHIB) has recently experienced a rise in significant “whale” transactions.
- On September 22nd, the volume of trades exceeding $100,000 reached $38 million, mirroring a prior spike on September 11th.
- This rise in whale activity indicates major holders may be accumulating or distributing their SHIB assets.
In a surprising turn of events, the meme-based cryptocurrency Shiba Inu (SHIB) has recorded a notable increase in large “whale” transactions over the past few weeks.
On September 22nd, the aggregate volume of trades above $100,000 reached $38 million, paralleling a similar surge on September 11th. The count of these substantial transactions also exceeded the 7-day average, registering at 39 for that day.
Large Shiba Inu transactions surge but traders prepare for heightened volatility
This resurgence in whale activity suggests that something significant may be on the horizon for the altcoin, as major holders appear to be either accumulating or distributing considerable SHIB assets. For everyday investors and traders, an uptick in whale transactions typically precedes increased volatility and potential shifts in market trends.
Regrettably for SHIB holders, this increase has not yet resulted in favorable price movements. Despite the consistent $38 million spikes, SHIB has recently fallen below essential support levels, indicating a reinforcement of its ongoing downtrend.
After several months of declining values, the meme coin is now targeting a new local low around $0.000007 if bearish momentum accelerates. While large holders are active, an overall negative sentiment lingers in the SHIB market.
At this moment, the reasons behind the rising number of whale transactions remain ambiguous. However, Shiba Inu seems ready for heightened volatility as influential holders exert their impact on the altcoin’s vulnerable price. Traders may need to brace themselves for the possibility of another downward movement.
