Shiba Inu Whale Movements Surge 2300% Amid Price Rally: What's Happening?

Shiba Inu (SHIB) is experiencing significant whale activity, with a massive 2,300% increase in daily large transaction volume. Data from the on-chain analytics platform IntoTheBlock shows that Shiba Inu saw a 2,300% increase in its daily large transaction volume, amounting to $223 million. According to the data on IntoTheBlock, Shiba Inu (SHIB) witnessed a major spike in whale movements over the weekend.

Shiba Inu Whale Activity Details

The surge in whale activity is painting an interesting picture for the dog-themed cryptocurrency. The Shiba Inu witnesses a 2,300% increase in token influx among major holders over the weekend. Outflow of SHIB tokens from major holders’ wallets is steadily decreasing. Over the weekend, SHIB whaled added 4.52 On Friday, 281.83 billion SHIB tokens were released from whale accounts, while this figure fell to 29.13 billion over the weekend.

Price Surge Coincides with Whale Movements

These whale movements coincided with a broader bullish trend in the market. SHIB’s price registered a 2.6% increase in the weekly charts and a 2.2% uptick over the last 24 hours. The whale moves come amid a larger market upswing. The dog-themed cryptocurrency saw its large transaction volume rise by 39.13% in the last 24 hours, totaling $35.9 million, or 2.65 trillion SHIB. This increase in activity by large holders

What Does This Mean for SHIB?

The increased activity by large holders suggests potential accumulation, which could contribute to further price increases. However, it's crucial to remember that the cryptocurrency market is volatile, and whale movements don't guarantee sustained upward momentum. Keep a close eye on SHIB's price action and conduct thorough research before making any investment decisions.