The meme-inspired cryptocurrency Shiba Inu (SHIB) experienced a dramatic surge in whale activity over the past 24 hours. Data from IntoTheBlock revealed that SHIB’s net inflow into large wallets holding at least 0.1% of its circulating supply skyrocketed by 1,559%. The net flow jumped from 44.45 billion SHIB to an astounding 693 billion SHIB.
Inflows and Outflows Surge
The surge in whale activity stemmed from significant increases in both inflows and outflows. Inflows into large wallets surged by 48.8%, reaching 11.25 trillion SHIB. Outflows also climbed by 40.4%, with a total of 10.55 trillion SHIB leaving these wallets. This heightened activity reflects strong movement among major SHIB holders.
Source: IntoTheBlock
SHIB’s price rose to the $0.000023 zone during this period, even after experiencing a 25% drop over the last two days. Despite the decline, analysts consider this correction healthy. The pullback followed an 80% price surge in recent weeks and halted at the 0.5 Fibonacci level, a critical support zone.
Source: CoinMarketCap
Following this support test, SHIB’s price rebounded by 3%, climbing above $0.0000241. This movement suggests that bulls regained control after the correction.
Whale Actions Align with Market Trends
The relationship between whale activity and SHIB’s rally remains uncertain. It’s unclear whether whales bought SHIB first, prompting the rally, or responded to the rising price by increasing their positions.
Related article: Shiba Inu Supply Shrinks as Whale Burns Boost SHIB Value
However, the charts clearly display significant activity by major players aligning with SHIB’s price movement. Shiba Inu’s recent surge in whale activity highlights the cryptocurrency’s growing appeal among large investors.
The rebound from a critical technical level further strengthens its bullish outlook. All eyes now remain on whether this renewed momentum will push SHIB to higher levels in the coming days.
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