Decoding Shiba Inu’s current whale activity surge amid price struggles

October 22, 2023 07:14 AM PDT | By Invezz

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Decoding Shiba Inu’s current whale activity surge amid price struggles — Image source: Invezz

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Memecoin Shiba Inu has seen mysterious whale activity as the cryptocurrency market saw notable actions within the past two days. IntoTheBlock data shows an ongoing upswing in token movements by dip-pocketed market players.

That's some impressive whale activity for Shiba Inu! It's fascinating to see the significant increase in large transaction volumes. The crypto market never fails to surprise us.
— Tech News Today (@Technewstoday22) October 21, 2023

Large holder wallets have seen an influx of over 4.54 trillion over the last two days, translating to a staggering 987% surge between Friday and Sunday.

Nevertheless, these addresses have recorded significant token outflows, with the metric dipping gradually to 29.13 billion. That represents a massive dip from Friday’s 281.83 billion Shiba Inu tokens.

SHIB’s current state indicates that top holders accumulate Shiba Inu tokens while outflows steadily decline. Meanwhile, the increased whale activity has raised speculations about Shiba Inu’s potential price trajectory in the near term.

Some Shiba Inu community members trust top SHIB holders are preparing for bullish rallies. While the crypto sector remains susceptible to wild price actions, SHIB’s recent actions make the token worth investor attention.

Shiba Inu price action

SHIB traded at $0.000007007 at press time, indicating a 0.61% dip within the past day. Also, the meme coin’s 30-day chart paints a bearish structure as SHIB lost 3.51% over the last month.

Also, technical indicators displayed bearishness. Daily signals flash downside tendencies for the altcoin. Nevertheless, Shiba Inu’s outlook follows movements within the broad financial markets.

SHIB’s increased whale action amidst bearish prices potentially signals upside hopes by loyal investors. Individuals could be capitalizing on discounted prices to add to their bags for massive returns once bullish runs emerge.

Invezz.com highlighted the possibilities of a broad-based rally in the near future. Such a development will see SHIB prices skyrocketing to new heights.

The post Decoding Shiba Inu’s current whale activity surge amid price struggles appeared first on Invezz.

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