Shiba Inu (SHIB) Whales Accumulation Hints at Possible Recovery After a Massive Dip

The metrics from the broader market regarding the recovery of meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) show an interesting twist.

output: Interesting market metrics have emerged regarding the recovery of meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE). According to data from crypto analytics platform IntoTheBlock, there is a striking divergence in the whale activities for SHIB and DOGE.

Shiba Inu whales showing DOGE The Way

The data reveals that SHIB whale transactions surged by an impressive 261% within 24 hours. In contrast, DOGE whale transactions experienced a relatively modest increase of only 4.58%. It's worth noting that these whale transactions specifically refer to any active transfer valued at a minimum of $100,000.

Despite DOGE's significantly higher trading volume of $1.29 billion compared to SHIB's $39.6 million, the sharp difference in growth rates indicates a heightened interest in SHIB among investors. This surge in whale transactions could potentially serve as a key factor in driving a substantial recovery, especially considering the recent decline in other growth metrics.

As highlighted earlier by U.Today, Shiba Inu recorded zero SHIB burn in 24 hours, underscoring a broader cooling-off period within the Shiba Inu ecosystem following a period of strong momentum last week.

With the SHIB whale buy-up, substantial amounts of the token are being acquired from the open market, which is crucial for building momentum on the meme coin, ultimately driving price increases.

Shiba Inu price now

At the time of writing, Shiba Inu's price shows a slight recovery, though stronger than earlier in the day. The token is up by 3.73%, trading at around $0.00001689. With this recovery, SHIB has begun to reduce its losses over the past week, hinting at possible rallies ahead.

While it may be premature to fully assess SHIB's recovery, the token has established a key support at the $0.00001612 price level. With ongoing updates to the SHIB ecosystem, core investors may find a strong basis for their new buy-ups.