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Shiba Inu: Could SHIB Rally Amid $195.1 Million Whale Action?
The recent market downturn has led to a surge in transaction volumes and trader activity, sparking hope among investors that the price of Shiba Inu (SHIB) may be set for an upward trajectory.
According to a report from on-chain analytics firm IntoTheBlock, large transaction volumes have skyrocketed by 2,004% over the past 24 hours. This extraordinary increase in volume suggests that whales, or large-scale investors, are actively supporting the cryptocurrency, potentially paving the way for a price rebound.
In addition to this whale activity, data from Coinglass reveals that traders are also leaning heavily towards long positions, with 67.16% of top traders opting to buy and hold SHIB, compared to just 32.84% who have chosen to short the asset.
Source: ambcrypto.com
