Despite the recent market slump, it seems that Shiba Inu (SHIB) investors are not giving up just yet. Recent data from IntoTheBlock, a leading crypto analytics platform, indicates a surge in whale activity for the meme coin. The data shows a significant divergence between SHIB and its rival, Dogecoin (DOGE), with SHIB seeing a notable increase in large transactions.
In the span of just 24 hours, SHIB whale transactions increased by an impressive 261%, while DOGE showed a comparatively modest surge of 4.58%. These whale transactions are defined as any active transfer worth a minimum of $100,000.
While Dogecoin’s volume, at $1.29 billion, significantly outstrips Shiba Inu’s $39.6 million, the sharp increase in SHIB’s growth rate indicates that it is sparking more interest among investors. This surge in whale activity could stimulate an important recovery for the digital currency, especially given the current downturn in other growth metrics.
As previously reported, Shiba Inu experienced a notable downturn with no SHIB sent to the burn wallet in a 24-hour period. This suggests that the Shiba Inu ecosystem is cooling down after a trend of robust growth. However, with the increase in whale buy-ups, a substantial quantity of SHIB is being bought up from the open market, creating the potential for price growth.
At present, Shiba Inu is showing signs of a mild recovery, with the token’s price up by 3.73% to $0.00001689. In light of this, Shiba Inu has commenced offsetting its losses from the previous week, hinting at potential rallies in the future.
While it may be premature to definitively declare a recovery for SHIB, the token has established a crucial support level around the $0.00001612 price point. Given the ongoing updates within the SHIB ecosystem, core investors may have a solid foundation for future buy-ups.
This data provides an intriguing insight into the current state of meme coins like Shiba Inu and Dogecoin. While the market remains volatile, it’s clear that there are investors who are still bullish on these digital currencies, with whale activity potentially serving as a barometer for future growth. As such, it will be fascinating to follow the trajectory of these meme coins in the coming weeks and months.
