Shiba Inu Price May Rise to $0.00002 As Whale Activity Surges

Transactions involving Shiba Inu whales have surged dramatically, increasing by an incredible 240%, as major investors are reported to be transferring trillions of SHIB tokens this week. Given this substantial uptick in SHIB whale activities, the Shiba Inu price might resume its prior upward trend towards $0.00002.

Surge in SHIB Whale Transactions

Recent information from IntoTheBlock indicates an astonishing 269% rise in whale transactions related to Shiba Inu. On October 20, the cumulative volume of large transactions executed by SHIB whales was approximately 925.79 billion. However, within just one day, the volume of whale transactions surged to 3.42 trillion, effectively tripling from the day before.

With an average price of Shiba Inu at $0.000018, this translates to whales transferring over $61.5 million worth of SHIB tokens in a single day. Remarkably, this volume does not represent the highest SHIB whale transfer recorded just in October.

On October 9, ITB pointed out that the volume of large transactions had climbed to 4.15 trillion. Moreover, on October 11, whale activity reached 3.78 trillion, highlighting an upsurge in investor engagement with this popular meme coin. Considering the recent rise in significant SHIB transactions, it can be inferred that SHIB whales might be notably optimistic regarding the meme coin.

In recent months, SHIB has shown a relatively tepid momentum, mainly experiencing small gains without any significant price peaks. Yet, this noticeable shift in whale sentiment may serve as a potential catalyst for Shiba Inu’s price.

The rise in whale transactions also reflects a transition in market sentiment, turning from negative to positive. Additionally, interest and demand for Shiba Inu seem to be escalating swiftly despite the coin’s notorious volatility and price swings.

Will SHIB’s Price Reach $0.00002?

In recent weeks, the Shiba Inu price has been trying to breach the $0.0002 threshold but has repeatedly fallen short. As the second largest meme coin by market cap, SHIB has consistently performed well within the crypto arena, often mirroring the movements of Dogecoin, the premier meme coin.

Though market conditions have not been particularly favorable for Shiba Inu, the latest 269% surge in whale activity could serve as a propellant to elevate Shiba Inu’s price to $0.00002. Earlier this year, Shiba Inu was trading above $0.00004, achieving new price highs as interest in it surged.

While this demand was fleeting, Shiba Inu has maintained trading near the $0.00002 range, seeing minor fluctuations. Recently, its price has been stabilizing around the $0.000018 level. Although this subdued momentum might give investors pause, the recent spike in whale activity could signal a potential price breakout in the near future.