Shiba Inu (SHIB) cryptocurrency has witnessed a surge in large “whale” transactions recently.
On September 22nd, trades over $100,000 reached $38 million, matching a previous spike on September 11th.
This increase in whale activity suggests significant accumulation or distribution of SHIB holdings by major holders.
In an unexpected development, the meme-inspired cryptocurrency Shiba Inu (SHIB) has seen a dramatic rise in large “whale” transactions in recent weeks.
On September 22nd, the total volume of trades above $100,000 hit $38 million, matching an identical spike on September 11th. The number of these large transactions also surpassed the 7-day average, clocking in at 39 for the day.
Large Shiba Inu transactions spike but traders brace for increased volatility
This renewed whale activity signals something may be brewing for the altcoin as major holders seemingly accumulate or distribute significant SHIB holdings. For regular investors and traders, surging whale transactions often precede increased volatility and potential trend changes.
Unfortunately for SHIB holders, the uptick has not yet translated into positive price action. Despite the recurring $38 million spikes, SHIB recently dropped below key support levels, indicating the strengthening of its ongoing downtrend.
After months of declining prices, the meme coin now eyes a new local low around $0.000007 if bearish momentum accelerates. While large holders transact, overall negative sentiment pervades the SHIB market.
For now, the motivations behind the multiplying whale moves remain unclear. But Shiba Inu appears poised for amplified volatility as influential holders assert their influence over the altcoin’s fragile price. Traders may want to fasten their seatbelts for the next potential leg down.