Whales Flock to That Meme Coin That Has Fallen in Price: Is the Rise Coming?

Shiba Inu has recorded a significant surge of whale activity, the likes of which has never been seen before. According to data from IntoTheBlock, whale transactions involving SHIB have increased significantly in the last 24 hours, reaching $84.86 million.

In the last 24 hours, a total of 10.36 trillion SHIB tokens moved, with 57 transactions exceeding $100,000 each. This increase paints a very different picture from the previous day's figures, when there were only 12 transactions involving large amounts of its tokens, and the total token volume did not exceed one trillion.

Moreover, this whale movement came at a time when the price of Shiba Inu was quite sluggish. Despite market-wide conditions, which have led to a nearly 5% drop in the value of SHIB over the past 24 hours, with prices dropping below $0.000009 per token, there is considerable flexibility. Notably, during this decline, the meme coin's price did not revisit the local minimum set by the previous Friday, when it fell by $0.00000879.

Could Shiba Inu Have Reached the Bottom Price?

On-chain data revealed significant whale activity, with 5.15 trillion Shiba Inu tokens moving in large transactions. Data from the last 24 hours shows that this volume has almost doubled. But the question is, could the whales have made these purchases, believing that the price has reached a bottom?

As the market speculates on the consequences of this surge in activity, the Shiba Inu community is wondering: SHIB has finally bottomed out, and whales may be signaling a bullish reversal.

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