The Shiba Inu ecosystem is turning positive in light of recent price action in the wider crypto market. Many cryptocurrencies and blockchains are going through heightened activity and transactions, which has pushed prices into positive gains in a seven day timeframe. Shiba Inu hasn’t been left behind with this activity, with on-chain data showing an interesting surge in money movement. This movement can be attributed to Shiba Inu whales, which recently saw a 40% increase in the amount of money transacted.
Shiba Inu Metric Surged By 40%
Unsurprisingly, Shiba Inu whales have joined the recent surge in market activity. This whale activity was revealed through IntoTheBlock’s large transaction metric. The metric, which measures the amount of transactions greater than $100,000, noted that $30.64 million were exchanged between large SHIB wallets on Saturday, which represents a 46.9% increase from the $20.85 million recorded in the prior day.
It also represents an increase of 121% from the $13.86 million worth of transactions recorded two days prior. This increase in transaction value was also accompanied by an increase in transaction volume from large SHIB holders.
Some might point out that the numbers mentioned above might be small compared to what SHIB whales have performed in the past. However, the sheer increase in activity suggests a change in sentiment from SHIB whales, which have largely been quiet since the beginning of July. When they start shuffling around significant amounts of SHIB, it’s usually a sign that something’s brewing.
SHIB Price Performance
SHIB holders will be happy with the meme crypto’s price performance in the short term. At the time of writing, SHIB is trading at $0.000018 and is up by 3% in the past 24 hours. Interestingly, SHIB is up by a larger 13.5% from its bottom of $0.00001585 on July 12. This pushed many more SHIB addresses into profitability, and profitability is now at 52.14% of the total addresses. The majority of this increase can be attributed to the recent price upticks led by Bitcoin. However, more likely than not, the surge in whale transactions also contributed to a better price increase for Shiba Inu.
Looking at the positive price reaction of SHIB, the recent transfers by the whales were most likely accumulations, which is a positive outlook for incoming price action. Some major players might be already repositioning their SHIB holdings away from exchanges. This may cause ripples throughout the ecosystem, leading to a larger trend of interest in SHIB, even if it’s just for a short period of time.
Consequently, the meme coin could continue on the price uptick until it reaches a major order block around $0.0000209.
Featured image created with Dall.E, chart from Tradingview.com
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