Shiba Inu has recently experienced a significant increase in whale activity, with over 1 trillion tokens transferred to exchanges within a 24-hour period. This surge has raised concerns among investors regarding potential price volatility for SHIB.
On December 8, blockchain analytics firm Santiment reported that the SHIB token saw its highest level of whale transactions in six months, specifically since June 6. The data indicated that there were 406 transactions involving whales, each exceeding $100,000 in value, occurring just yesterday. This rise in whale activity coincided with a considerable influx of SHIB deposits onto exchanges.
According to Santiment, exchange reserves for SHIB increased by 1.06 trillion tokens on December 8, resulting in a total of 136.95 trillion tokens now held on exchanges. The data illustrates a strong relationship between the spike in whale transactions and the accumulation of tokens on exchange platforms, suggesting that large investors are preparing for significant trades.
The recent uptick in whale activity follows a week of heavy outflows from exchanges, particularly after the exploit involving the Layer-2 solution Shibarium. Notably, data from Arkham revealed that over 169 billion SHIB tokens were withdrawn from Coinbase last week. Moreover, more than 4.13 trillion SHIB tokens were transferred from Coinbase to two newly created wallets, with one wallet receiving 2.966 trillion SHIB and the other 1.173 trillion SHIB, both originating from the same exchange.
Despite the massive movement of Shiba Inu tokens to exchanges, the price of SHIB has risen by 1.82% today, trading at $0.000008583. This increase is accompanied by a 13% rise in daily trading volumes, currently at $114 million. Additionally, the recent surge in the SHIB burn rate may act as a further catalyst for price movements.
Prominent analyst Crypto Patel pointed out that SHIB”s price has returned to a critical support zone ranging from $0.0000080 to $0.0000060. Historically, this support level has led to substantial price rebounds, with previous increases noted between 500% and 1200%. Patel suggested that a similar pump might occur again over the next six months if the $0.0000060 support holds.
In related news, the meme coin Maxi Doge has successfully raised over $4.2 million in its ongoing presale, attracting attention from the trading community. With community-oriented features and staking options, Maxi Doge is positioning itself as a competitive player in the meme coin market.
As always, market conditions can shift rapidly, and investors are encouraged to conduct their own research and consult professionals before making investment decisions.
