Shiba Inu Whale Activity Reaches Highest Levels Since June

Shiba Inu Whale Activity Hits Highest Level Since June

Shiba Inu (SHIB), a well-known meme cryptocurrency, has seen significant whale activity recently, with a notable increase in large transfers. This surge, combined with a substantial rise in the number of SHIB tokens on exchanges, suggests potential volatility in the market in the coming days.

Key Takeaways

Shiba Inu has recorded the highest level of whale transfers since June 6.
Over 1.06 trillion SHIB tokens have been added to exchanges, indicating a potential for selling.
SHIB has increased by approximately 6% in the last 24 hours, with a market cap nearing $5 billion.
Institutional interest, including new ETF listings, may be a catalyst for future price increases.
SHIB is currently down 90% from its peak four years ago during the height of meme coin trading frenzy.

Shiba Inu (SHIB), a prominent meme cryptocurrency, has recently experienced a surge in activity from "whales," or large investors. According to data from the analytics platform Santiment, there have been more significant transfers of SHIB today than at any time since June 6.

This rise in whale activity coincides with a net increase of 1.06 trillion SHIB tokens on exchanges. This influx suggests that a considerable amount of the cryptocurrency is now available for trading, potentially signaling an impending sell-off.

As a result of these developments, Santiment warns that SHIB could encounter increased volatility in the coming days. Current data from CoinGecko indicates that SHIB has risen nearly 6% over the past 24 hours, bringing its market capitalization close to the $5 billion threshold.

Earlier reports by U.Today highlighted the possibility of a moderate relief rally for SHIB, though traders should be cautious and not expect any drastic price surges.

There are potential catalysts contributing to this excitement. For example, NYSE Arca has submitted a 19b-4 rule change that includes SHIB as one of the eligible assets in the T. Rowe Price Active Crypto ETF, alongside Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). This institutional attention could drive SHIB's value higher.

Additionally, this month, Coinbase Derivatives expanded its futures trading options for Shiba Inu (SHIB) and other cryptocurrencies, allowing U.S. traders round-the-clock access.

It's important to note that SHIB remains down 90% from its all-time high, which was achieved four years ago during a period of intense enthusiasm for meme coins among retail investors.