Shiba Inu Next in Line for Whale-Induced Rally, Here's Why

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Shiba Inu (SHIB) has many battles to fight to keep up its promising outlook. Shiba Inu whales have stepped up in the ongoing fight against sell-offs from some HODLers. The large transaction count on the network has skyrocketed, a show of renewed interest among the heavy lifters.

Shiba Inu whales onto something big

Per data from crypto data analytics platform IntoTheBlock, Shiba Inu's large transactions skyrocketed by more than 41% in 24 hours, with a total of $29.74 million shuffled. This whale transaction metric is pivotal to measuring the meme coin's health.

Zooming into the trend, 91 related transactions were recorded in the past 24 hours. These large transactions are worth at least $100,000. Over the past week, this transaction count jumped from a low of 48 to a high of 209.

SHIB Large Transaction Chart Via IntoTheBlock

By volume, the 24-hour large transactions accounted for a total of 1.68 trillion moved across chains. This also saw a shift from a low of 925.75 billion SHIB to a high of 3.42 trillion SHIB in the past week. 

As of writing time, the token has pared off its earlier recorded losses. It is up by 0.44% in 24 hours to $0.00001775. This booming recovery underscores how SHIB whales have helped reboot the token amid a growing sell-off.

Shiba Inu and dynamic ecosystem metrics

It is worth noting that Shiba Inu is one of the most dynamic meme coins on the market. While its whale transactions potentially boosted sentiment, it has unusually recorded zero SHIB in burning activities in 24 hours.

The protocol’s core developers have helped keep the faith in the project, collectively boosting sentiment for bullish days ahead for members of the SHIB army. The token has benefited from community hype, new product launches like SHI stablecoin and broader market sentiment.

This recovery and whale contribution might be the start of something big for Shiba Inu.