Shiba Inu (SHIB) Whales Are Waking Up Again, Sparking Optimism

output:input:

Shiba Inu (SHIB) whale activity has increased in the last 24 hours, as large trades by SHIB whales have risen by 67%, according to crypto tracking platform, IntoTheBlock.

The activity comes amid hope that the meme coin could see some bullish momentum.

Shiba Inu whale activity sparks optimism

According to IntoTheBlock data, SHIB whales have engaged in 52 transactions, shifting a staggering 2.72 trillion SHIB tokens.

The volume and frequency of these transactions could be viewed as a positive development, suggesting that large holders are becoming more active in the ecosystem.

This activity could signal a shift from the coin's bearish trajectory and has triggered a slight 0.87% increase in price within the last 24 hours.

According to CoinMarketCap data, as of press time, SHIB's price was trading at $0.00001213.

However, SHIB investors appear to be remaining cautious, with its trading volume down by 33.24% to $197.32 million within the same time frame.

If SHIB retail investors engage in transactions to mirror the whales, it could trigger bullish movement for the meme coin, which the ecosystem critically needs to stem its downward trends.

What’s next for SHIB?

While the broader crypto industry has its fair share of bearish pressure, SHIB appears worse off. Shiba Inu has been grappling with bearish sentiment for a long time, and the once-prominent meme coin has experienced a substantial decline of 61.65% in the last year.

However, the SHIB chart reveals that the meme coin is currently testing a major "buy zone," a level it hasn't reached since August 2024.

If past behavior is any indication, a 200% surge in SHIB could follow this buy zone, which may encourage investors to repurchase the meme coin.

Alternatively, if SHIB fails to maintain its position at the current support level, it could lead to a sharp decline. In such a scenario, the next crucial support level to observe is the $0.000008 mark.