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Shiba Inu Whales Are Active Again – What’s the Impact on SHIB?
The recent surge in whale activity for Shiba Inu (SHIB) has sparked both excitement and concern among crypto enthusiasts. As the memecoin continues to struggle with bearish trends, it remains unclear whether this increased whale participation will have a significant impact on the token’s price.
According to data from IntoTheBlock, large SHIB transactions exceeding $100,000 have seen a three-fold increase within 24 hours. This sudden spike in whale activity is unlike anything we’ve seen before, and investors are left wondering what this could mean for the future of SHIB.
As things stand, the current bearish trends on the one-day chart seem to be unaffected by this surge in whale activity. In fact, AMBCrypto analysis suggests that sellers have taken control of the market, resulting in a drop in derivative trading volumes and a significant plunge in Open Interest to a record low of $54M.
While some may see this as a negative sign for SHIB’s future performance, it’s essential to consider the broader crypto market landscape. Should the memecoin sector continue to grow at its current rate, we could see a reversal in SHIB’s fortunes.
As noted by an AMBCrypto contributor, there is potential for slight gains in early 2025 as a result of the US President-elect Donald Trump’s inauguration event. This could support an uptrend for SHIB that sees the price surge to multi-month highs above $0.0000334.
On the other hand, if the market has already priced in this event and investors begin to sell off their holdings, we may see a continuation of bearish trends for the memecoin.
In conclusion, it’s crucial for investors to keep a close eye on these developments as they unfold. The impact of this recent surge in whale activity will likely be determined by how the broader crypto market responds to these events.
This article was written by Muthoni Mary, a seasoned crypto news writer with expertise in blockchain technology, digital assets, and Web3.
Source: ambcrypto.com
