- Shiba Inu’s large transactions have surged by 92% in 24 hours, climbing to $46.03 million
- Memecoin’s increasing whale movements could fuel bullish momentum and push crypto towards $0.00002
With the larger cryptocurrency market showing signs of recovery, Shiba Inu [SHIB] followed suit. In fact, the memecoin saw a significant surge in large transactions recently, sparking speculation about its next price move.
Over the last 24 hours alone, whale activity skyrocketed, with large transactions surging by 92% to hit $46.03M. Such a sudden spike in whale activity has left the crypto community wondering if the hike could push the crypto’s price towards $0.00002 or not.
Will rising whale activity fuel SHIB’s next move?
Whales, in most cases, are viewed as the initiators of major price movements. They have been busy accumulating or redistributing SHIB lately. Large transactions, which typically involve amounts exceeding $100k, are usually a significant indicator of whale activity.
The latest 92% hike in SHIB large transactions is a sign that high-net-worth investors are taking positions for a likely price surge or profit-taking opportunity. This could be a bullish break if the pattern of accumulation continues.
However, the memecoin’s price remains highly volatile as external market forces might dictate its course.
Source: IntoTheBlock
Is Shiba Inu rally to $0.00002 on cards?
Trading at $0.00001678 at press time, SHIB faces a steep climb to reach the $0.00002 key resistance level.
However, the memecoin has gained by over 48% since the last crypto market crash. This lends more optimism as far as its price fortunes are concerned in the near term.
At the time of writing, the hike in whale activity and positive technical signals seemed to paint a bullish picture for the memecoin’s road ahead. Also, the prevailing trend of buying interest with diminished selling pressure could allow SHIB to test higher resistance levels at around $0.00002.
Source: TradingView
Shiba Inu ecosystem developments like Shibarium and its layer-2 solution in late December have all added fuel to the aforementioned positive market sentiments.
All these, combined with surging whale interest, could set up a perfect storm for SHIB’s price to hike on the charts.
