Shiba Inu (SHIB) Rebounds with a 68% Rise in Whale Transactions, Pushing the Token's Market Activity Past $25M
- WBOYOriginal
- 2024-09-10 09:27:15860browse
After a week-long slump, the Shiba Inu (SHIB) stock price is back in the spotlight thanks to a big market upheaval.
Shiba Inu (SHIB) has seen a remarkable 68% increase in whale transactions, driving the token's market activity past $25 million. This sudden surge follows a challenging week for SHIB, hinting at renewed bullish sentiment driven by large account holders.
After a week-long slump, the Shiba Inu (SHIB) stock price is back in the spotlight thanks to a big market upheaval.
Shiba Inu's price was $0.0000132 at press time, up 1.75% over the past 24 hours, according to data from CoinMarketCap. This marks one of the few sessions since early September where SHIB metrics across price and volume would enter a positive session.
Shiba Inu whales are certainly leading the charge in this market upheaval, with a staggering 68% surge in large account holder transactions. These transactions, as defined by IntoTheBlock, are valued at $100,000 or more.
Over 98 transactions have taken place in the past day, pushing the total amount of SHIB shifted by large whale holders to 1.95 trillion.
Whale Trades Hit $100,000 Threshold
IntoTheBlock defines a whale trade as any transaction valued at $100,000 or more. Over the past 24 hours, there have been 98 transactions that meet this criteria.
This brings the total amount of SHIB shifted by large whale holders throughout this time span to 1.95 trillion.
The token's gains can be directly attributed to the implications of this whale activity. As reported by U.Today, all three metrics—price, market capitalization, and trading volume—have seen a recovery from previous critical levels thanks to an increase in whale transactions.
However, the sustainability of Shiba Inu's success is largely overshadowed by its strong correlation with Bitcoin.
Bitcoin’s Role in SHIB’s Positive Trend
This seemingly positive price action may be attributed to the rising price of Bitcoin (BTC) at press time. However, for SHIB to achieve long-term success, the token must continue to evolve with the ecosystem.
The multitude of updates aiming to be integrated into Shibarium sets the stage for the token to continue expanding in the long run.
If SHIB's recent gains hold by the end of the year, it could have broken free of Bitcoin's long-term influence, increasing the likelihood that it will retest its ATH.
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