Shiba Inu (SHIB), the dog-themed cryptocurrency, has witnessed a surge in whale activity over the past 24 hours, according to data from IntoTheBlock. Large transactions indicate whale activity has spiked by 303.43%. However, despite this significant increase in whale activity, SHIB’s price has recently struggled to make substantial gains beyond the $0.000009 mark.
On January 28, bullish attempts to push SHIB’s price fell short of the $0.0000093 level. This lackluster price action has left many wondering about the sudden surge in whale activity. It’s important to note that whales often seize opportunities during periods of decline or consolidation to acquire assets at discounted prices. Therefore, the spike in large transaction volumes could suggest high activity among whales, either buying or selling.
Data from IntoTheBlock indicated that the enormous transaction volume for Shiba Inu amounted to $13.36 million worth of SHIB, equivalent to 1.48 trillion SHIB in crypto terms. This increase in whale activity comes after SHIB hit a seven-day low in its large transaction volume, reaching 361.33 billion SHIB on January 27, a sharp decline from the 20.2 trillion SHIB recorded on January 24. Shiba Inu‘s network transaction volume also experienced a notable increase, reaching 2.31 trillion SHIB in the last 24 hours.
As of the time of writing, SHIB’s price has declined by 1.26% in the last 24 hours, now trading at $0.000008982. This decline mirrors the overall market trend, which saw a 1.52% drop in total crypto market capitalization, marking a relatively uneventful start to the week.
SHIB briefly reached highs of $0.00000925 on January 28, but the bullish momentum couldn’t be sustained. If bulls reignite the rally, SHIB could target the $0.00000984 resistance level. Conversely, if declines persist, strong support is expected near the $0.0000085 level, which has previously prevented steeper declines on three occasions in January.
In an unexpected development, nearly half a billion Shiba Inu tokens have embarked on mysterious journeys in the past 24 hours. An unidentified SHIB holder with the address “0xEb4” initiated these enigmatic transactions by transferring a staggering 307.88 billion SHIB, equivalent to $2.8 million, to Coinbase. Further investigation into the transaction history revealed that this address had acquired SHIB tokens over a month ago and withdrew them from the same exchange.
Adding to the intrigue, another massive transfer involving a new unknown address, “0x3db,” saw 182.24 billion SHIB tokens, valued at $1.66 million, withdrawn from Coinbase overnight. This address had executed SHIB withdrawals from the U.S. exchange just six days ago, involving over 30 billion SHIB tokens, equivalent to over a quarter of a million dollars.
While these mysterious token maneuvers unfold, the broader market remains focused on SHIB’s price movements. Despite a resilient 6% recovery from the drop on January 23, SHIB’s price has stabilized again at $0.000009, leading analysts to interpret the current chart as a phase of accumulation characterized by exceptionally low volatility.
The prevailing sentiment among traders and enthusiasts appears relatively subdued amid lingering doubts. The peculiar token transfers have added an air of mystery to the Shiba Inu narrative.
