Shiba Inu (SHIB) experienced a whale-driven surge, with 1.3 trillion tokens traded in the past 24 hours, showcasing significant market activity.

Whale Activity Spikes Dramatically

Shiba Inu is displaying impressive strength once again, coinciding with the whales' meteoric rise in the cryptocurrency market. Per IntoTheBlock, during the 24 hours, SHIB has seen a surge in whale activity and massive transactions, with over 1.3 trillion tokens changing hands.

Data stored on the blockchain may shed light on the cause of this sudden uptick in activity. The data shows that between July 25, 2024, and the current day, there was a peak of 55 major transactions. The previous day, there were 42 huge transactions.

With fifteen transactions, July 28, 2024, was the lowest point in the past seven days. Signs that big names are getting back into the game include an uptick in the frequency of large deals.

Staggering 1.33 Trillion SHIB Exchanged

The amount of SHIB exchanged in the past 24 hours alone is staggering, at 1.33 trillion. From its seven-day low of 365.69 billion SHIB on July 28, 2024, to its near-seven-day high of 1.95 trillion SHIB on July 29, 2024, this number is significantly greater. This sudden increase in activity suggests that major holders are starting to feel more comfortable and ready to take action.

According to the technical chart, SHIB has been falling, but it has started to level out again. Currently trading near the $0.000016 mark, the price has the potential to bottom out and reverse if the whale activity continues.

Nearly Half of Holders in Profit

U.Today shares that this optimistic prediction is bolstered by the token summary. Nearly half of SHIB holders are making a profit at the present price, while nearly half are losing money, and 5% are just breaking even.

The 73% concentration of significant holdings shows that major players possess a substantial percentage of SHIB. Also, indicators like net network expansion and important transactions show optimistic trends, and most on-chain indications are bullish. The exchange signs also indicate a positive sentiment.

A large amount of buying interest is indicated by the bid-ask volume imbalance of 10.31%. But it may not be sufficient to affect the price.