Shiba Inu has experienced a surge in whale activity in the last three months, with transactions by large investors increasing by 360%. In an X post on Tuesday, analytical platform Santiment revealed Shiba Inu’s surge in whale activity. Such an increase has put SHIB on the list of the most popular among big traders, which has encouraged the observers.
🐳 Among cryptocurrencies with at least a $2B in market cap, these are the projects seeing the highest rises in whale activity compared to the week prior:
— Santiment (@santimentfeed) September 30, 2024
1) @injective $INJ 🥇 +456% Rise
2) @wrappedbtc $WBTC 🥈 +421% Rise
3) @shibainucoin $SHIB 🥉 +360% Rise
4) @makerdao $DAI… pic.twitter.com/wagNpAgXEK
Investor Interest Grows
The rise in the number of whale transactions points towards the fact that large investors are closely observing the potential of SHIB. This is a positive development for traders to expect that SHIB might try to achieve the following levels of $0.00002. Whales are usually considered an essential sign of a price surge as these large investors hold the capacity to influence the market trends.
Nevertheless, this increase in whale activity does not necessarily mean that the growth is stable. Shiba Inu is very volatile, and significant price swings could still happen. As of press time, SHIB is trading at $0.00001833 and has also found support at $0.000016 and $0.0000144. These levels would be significant in defining whether SHIB could continue the growth or reverse to the downside.
Key Technical Indicators
The Relative Strength Index (RSI) is in the neutral area, the market could either go up or down. Shiba Inu may have more room for growth if it could overcome the resistance levels. However, if the support level is breached, further downside follows, contributing to the coin’s volatility.
Shiba Inu Enhances Security with Zama’s FHE Tech: ReportSHIB whale transactions are on the rise, indicating that larger investors are accumulating more SHIB, which could potentially lead to a price increase. However, the market has not moved a lot and the future of the coin will greatly depend on the market condition and retail traders.
Despite being a good indicator of short-term trends, investors should be cautious and ready for a fall. As always, the cryptocurrency market is volatile, and therefore, traders have to be very keen on how they make their trades.
