Shiba Inu (SHIB) whales are showing initial signs of awakening, according to on-chain data. According to IntoTheBlock data, Shiba Inu's large transaction volume, an indicator that signals whales' activity, has increased by 72.48% in the last 24 hours, reaching $20.85 million, or 1.63 trillion SHIB.
The rise in large transaction volume indicates increased activity among large holders, or whales. This uptick suggests that whales might be either buying or selling actively.
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The surge in volume of large transactions above $100,000 aligns with the SHIB price rebound over the last 24 hours.
Shiba Inu's large transaction volume has plummeted since a high of 4.64 trillion SHIB on Monday this week. This might largely be due to the sell-off on the crypto market earlier in the week, which might have prompted large holders, or whales, to reduce or step back their positions while taking a wait-and-see approach.
Will SHIB price follow?
Following days of zigzag movements, Shiba Inu's large transaction volume fell to 1.01 trillion SHIB on March 13, after which it increased to 1.63 trillion on March 14.
SHIB/USD Daily Chart, Courtesy: TradingView
With the slight uptick in whale activity, the market is watching to see if this would mark a reversal and affect SHIB price in the coming days, although this remains to be seen.
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The crypto community will be keeping a close eye on additional on-chain data and market sentiment to determine Shiba Inu's next move.
As a week of broad risk asset selling draws to an end, markets are seeing a relief rally from oversold conditions. Shiba Inu was not excluded from the market rebound.
At the time of writing, Shiba Inu was trading in green, up 2.04% in the last 24 hours to $0.00001274. Shiba Inu has reversed weekly losses, down only 0.55% in seven days.
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