On December 24, 2024, Shiba Inu (SHIB) experienced a significant uptick in whale activity, with a 265% increase in large transactions over the past 24 hours. This surge follows a period of extended decline and profit-taking among investors.
Data from IntoTheBlock indicates that whale transactions, defined as those over $100,000, had been declining since early December. For instance, large transactions plummeted from 18.85 trillion SHIB tokens on December 10 to just 1.07 trillion SHIB by December 22, marking a 94% drop.
However, the last 24 hours saw a remarkable recovery, with large transactions soaring to 3.75 trillion SHIB tokens, a 250% increase. The monetary value of these transactions reached $84.24 million, a staggering 265% jump from the previous $23.06 million.
This resurgence raises speculation about large holders accumulating SHIB tokens, possibly in anticipation of a market recovery. Currently, SHIB is trading at $0.00002229, reflecting a 3.1% increase in the past day. For SHIB to reach the $0.00004 level, it must maintain this buying momentum in the upcoming weeks.