Shiba Inu Whales Surge to New Highs: What’s on the Horizon?

Shiba Inu has recently experienced a significant uptick in large-holder activity, reaching its highest level in six months. This raises the possibility of heightened volatility and even renewed selling pressure in the near future.

Key Takeaways

Shiba Inu has seen a notable rise in large-holder activity, reaching a six-month peak.
406 whale transactions over $100,000 were recorded in a single day.
A net increase of 1.06 trillion SHIB tokens has moved onto exchanges.
This combination of factors may lead to increased volatility in the near future.
At the time of reporting, SHIB was valued at $0.00000859.

This analysis underscores the importance of monitoring whale activity and exchange balances when predicting potential price movements in the cryptocurrency market, particularly for Shiba Inu.

Shiba Inu Whales Surge to New Highs: What’s on the Horizon?

On-chain analytics firm Santiment shared this update on X, showcasing a six-month chart that illustrates Shiba Inu's price movements, exchange balances, and large transfer activities. According to Santiment, "Shiba Inu has witnessed the most whale transfers since June 6, coinciding with a net increase of +1.06 trillion SHIB tokens on exchanges. The 24th-largest cryptocurrency may experience substantial volatility shortly."

Impact on Shiba Inu's Price

The analysis indicates that there were 406 transactions over $100,000 in value within one day, marking the highest activity since early June. The second-largest spike occurred during the market downturn on October 10, during which about 300 SHIB whales were active, followed by another peak of over 280 whales in mid-July.

These significant "whale" transfers involve actions from large holders, trading desks, and liquidity providers, all of which can significantly influence market liquidity and the depth of order books.

In addition, there has been a notable rise in Shiba Inu tokens available on exchanges. Santiment’s analysis highlights a clear, sudden increase, labeled as “1.06T More SHIB On Exchanges in 24 Hours." This suggests that approximately 1.06 trillion tokens have been deposited into exchange wallets, increasing the supply of SHIB available for immediate trading.

Shiba Inu whale transaction count vs. balance on exchanges

In terms of market structure, the combination of increased whale activity and a sharp rise in exchange balances often signals potential price fluctuations. While transferring tokens from self-custody to exchanges does not guarantee selling, it does mean that a larger portion of the circulating supply is ready for sale and can be quickly placed on order books.

It remains unclear whether this will lead to a market sell-off. The activity seen could indicate that whales are looking to sell, arbitrage across platforms, provide liquidity, or rebalance their holdings in anticipation of broader market movements. Santiment refrains from making a definitive prediction, only suggesting that Shiba Inu is likely to experience increased volatility in the coming days.

At the time of this report, SHIB was trading at $0.00000859.

Shiba Inu price