Shiba Inu (SHIB) recently witnessed a surge in whale activity, with a 1,079% increase in Large Holders Netflow and a 430% rise in Large Holders Inflow. This suggests that large cryptocurrency holders are accumulating SHIB, likely taking advantage of the meme coin’s recent price drop. Additionally, there have been multiple whale transactions moving trillions of SHIB tokens. Meanwhile, Shibarium, the layer-2 solution linked to SHIB, has achieved over 90 million total transactions. SHIB's price is currently resting at $0.00000920, with potential support at $0.00000845 if it falls further.
Shiba Inu Sees Huge Surge in Whale Activity
The cryptocurrency inspired by the adorable Japanese Shiba Inu dog breed, SHIB , is making waves in the crypto world with a surge in large-holder netflows. Over the past few days, all indicators of SHIB whale activity have been on the rise.
Large Holders Netflow provides crucial insights into the positions of whales, or large cryptocurrency holders. Usually when netflows spike, it suggests that whales are accumulating more tokens, while drops in netflow hint at reduced positions or selling activities.
Shiba Inu has seen a massive 1,079% surge in its Large Holders Netflow. On Dec 10, this figure stood at 286.31 billion SHIB, but it skyrocketed to 4.68 trillion SHIB tokens recently. This surge in netflow suggests significant accumulation by large holders, likely fueled by the fact that SHIB experienced a sharp price drop on Dec. 11. Whales often take advantage of price dips to accumulate assets at a discount.
Apart from the surge in netflow, Shiba Inu has witnessed a remarkable 430% increase in its Large Holders Inflow, according to data from IntoTheBlock. On Monday, Whale Alert reported that a staggering 4.19 trillion SHIB tokens, valued at $40,823,942, moved between whale wallets. As a result, a mega whale emerged as the 4.1 trillion SHIB tokens were moved to a new address, which now houses the crypto stash worth $40 million.
Additionally, over the weekend, an enormous stash of 4,218,953,460,450 Shiba Inu tokens, valued at approximately $43,372,951, was transferred between whale wallets. The motives behind these transactions still remain a mystery, but they could represent over-the-counter (OTC) trades or simply wallet reshuffling.
IntoTheBlock also reported that large SHIB transactions valued at $100,000 or more have surged by an astounding 385% within the last few days. Whale transactions involving SHIB have surged from $19.54 million to an astonishing $69.32 million, leading to the exchange of an incredible 7.29 trillion SHIB tokens.
SHIB is currently experiencing a whirlwind of activity, with large holders accumulating tokens and large transactions reaching new heights. This surge in whale interest certainly suggests a resurgence of confidence in SHIB and indicates a positive shift in market sentiment for the meme token.
Shibarium Hits 90 Million Transactions
Shibarium , the layer-2 solution associated with the Shiba Inu ecosystem, has recently achieved a significant milestone by surpassing 90 million transactions. Over the past few weeks, Shibarium has been witnessing an explosive surge in transaction activity, culminating in an impressive total of 90,064,184 transactions as of yesterday.
What is even more noteworthy is the fact that this surge is not only a short-lived phenomenon, as Shibarium has consistently maintained an average of 7.5 million daily transactions since Dec. 2. On Dec. 12 alone, it recorded an impressive 7.84 million daily transactions.
These remarkable statistics have not only solidified Shibarium's position in the crypto space but have also attracted a growing number of participants to its ecosystem. Wallet addresses associated with Shibarium have also seen a significant uptick, reaching a total of 1,304,953. Additionally, the network has processed more than two million blocks, bringing the total to around 2,074,948.
Also adding to the excitement surrounding Shibarium is a recent announcement made by Lucie, a Shiba Inu team member. According to an X post, The Shibarium Christmas Giveaway Party is set to receive a major boost, thanks to a collaboration with Tangem Wallets.
Tangem will be generously contributing to the festivities at the Shibarium Christmas giveaway party, scheduled for Dec. 20. The collaboration promises to bring joy to both the Shiba Inu and BAD AI communities, as Tangem has pledged to give away ten SHIB hardware wallets and ten BAD hardware wallets during the event.
SHIB Price Overview
SHIB was resting on the key support level at $0.00000920 at press time after its price dropped 2.40% over the past 24 hours. Should it fall below this significant price point, it may be at risk of testing the subsequent support level at $0.00000845 within the following couple of days.
Daily chart for SHIB/USDT (Source: TradingView)
This bearish thesis could, however, be invalidated if SHIB maintains a position above $0.00000920 for the next 72 hours. In this more bullish scenario, the meme coin could climb towards $0.00001020 in the short term.
Traders and investors will want to note that the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the meme coin’s daily chart were flagging bearish at press time. In the past 24 hours, the RSI line broke below the RSI Simple Moving Average (SMA) line, which is indicative of a major shift in trading strength that favors sellers. Meanwhile, the MACD line was looking to cross below the MACD Signal line at press time. Should these two lines cross, it may signal a continuation of SHIB’s bearish trend.
