Shiba Inu (SHIB) Whale Transactions Skyrocket 1,288%, Exceeding $88M

• Shiba Inu (SHIB) Whale Transactions Surge by 1,288%
• Driving Towards Price Increase
• An Upward Trend Amidst Crypto Volatility
• Whale Activity & Its Impact
• Understanding Whale Transactions
• Price Recovery Efforts & Future Prospects

Shiba Inu (SHIB) Whale Transactions Surge by 1,288%

In an encouraging turn of events for the meme coin Shiba Inu$0.000010 -2.05% (SHIB), whale transactions have surged by a massive 1,288% in the last 24 hours, according to data from IntoTheBlock. This trading volume exceeds 9.38 trillion SHIB, translating to a value of over $88 million.

Driving Towards Price Increase

This surge in whale transactions seems to be fueling the push to remove another zero from the token's price. Presently, the token is still priced at $0.0000095 as per CoinMarketCap data. This represents a price hike exceeding 3% in the past day.

An Upward Trend Amidst Crypto Volatility

Even though we are only a few days into the year, 2024 has so far proved to be highly erratic for the digital asset sector. Numerous tokens have seen their prices fluctuating, with the unfolding Spot Bitcoin$42,260 -0.64% ETF proposals contributing to these movements. However, one of the most popular meme coins on the market, Shiba Inu (SHIB), seems to have remained unaffected by this volatility, leading to positive outcomes for the asset.

Whale Activity & Its Impact

Shiba Inu (SHIB) has experienced a significant increase in its whale transactions, up by an impressive 1,288% over the last 24 hours. This volume amounts to over 9 trillion SHIB, valued at over $88 million. This suggests that SHIB Bulls are looking to ideally delete another zero from the token's price.

Understanding Whale Transactions

In the digital asset sector, whale transactions generally refer to transactions exceeding $100,000 at the time of transfer. The volume of these transactions pertains to the amount traded on a specific day. An increase in this volume suggests a rise in activity by these high-value holders.

Price Recovery Efforts & Future Prospects

Since the beginning of this year, SHIB has been striving to recover to the $0.00001 price level it achieved in December. While this endeavor has proven to be quite challenging thus far, the potential approval of a Spot Bitcoin ETF in the near future might influence the entire industry. Consequently, such a development could propel SHIB towards positive momentum.

Edited by Jonathan Stoker