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Data from IntoTheBlock indicates that whale activity has significantly increased recently for Shiba Inu. The analytics company claims that SHIB has witnessed a sharp rise in the quantity of significant transactions on the network, indicating a rise in the presence of whales. There were 383 significant transactions on the blockchain in the last 24 hours alone, which is a seven-day high.
Further evidence of the whales’ significant increase in activity came from the astounding 8.27 trillion SHIB tokens they moved. This increase is significant because whale activity frequently indicates significant market movements to come. Whales, or large investors, usually build up their positions before a big move on the market, or they sell off a sizable position when they anticipate a decline.
The increased whale activity for SHIB could portend an impending price recovery or additional market consolidation. Despite the retracement from its recent rally, SHIB is still being closely monitored as its current price level remains above key support levels. The increased whale interest may be an early indicator of possible bullish momentum.
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As of press time, SHIB is trading at approximately $0.00001684. But since price corrections following abrupt movements are frequent, it is crucial to avoid unnecessary risks. Whale activity indicates the continued involvement of large investors, but it does not ensure a quick increase in price.
As of the writing of this article, whale activity is increasing, which suggests that traders should closely monitor market developments and price charts for Shiba Inu, which is showing much higher volatility than usual. Unfortunately, the asset is currently being pressured, slowly losing its value and going down.
