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Shiba Inu ($SHIB) whales are waking up again, as showcased by the significant on-chain activities. In the last 24 hours, $SHIB whales have engaged in large transactions, which have jumped by 67%. This development has sparked hope among market participants.
Shiba Inu whale activity sparks optimism
According to IntoTheBlock data, $SHIB whales have transacted a staggering 2.72 trillion $SHIB tokens in 52 different transactions in the last 24 hours.
The volume and frequency of these transactions have raised hopes of a possible reawakening of large holders in the ecosystem. Such a development could signal positive sentiment for the dog-themed meme coin and mark a shift from its bearish trajectory.
Interestingly, the whale action has triggered a slight 0.87% increase in price within the last 24 hours. According to CoinMarketCap data, as of this writing, $SHIB's price was changing hands at $0.00001213.
However, $SHIB investors remain cautious and appear to be monitoring developments. Notably, $SHIB’s trading volume is still down by 33.24% to $197.32 million within the same time frame.
Analysts project that if $SHIB retail holders actively engage in transactions to mirror the whales, it could trigger bullish movement for the meme coin. It is a development that the ecosystem critically needs to stem its downward spiral trend.
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 weathering bearish sentiment for a long time, and the once promising meme coin has declined by a massive 61.65% in the last year.
However, the $SHIB chart shows that the meme coin is testing a major "buy zone," which it has not seen since August 2024.
Based on historical precedence, $SHIB may experience a 200% surge due to this by zone. Such a scenario may likely inspire investors to repurchase the meme coin.
However, if $SHIB fails to hold at its current support level, a sharp decline could occur. If this happens, the next support level to watch is the $0.000008 mark.