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Shiba Inu (SHIB) rebounded with a 68% rise in whale transactions, pushing the token's market activity past $25 million. This sudden surge follows a challenging week for SHIB, hinting at renewed bullish sentiment driven by large account holders.
SHIB Surges Back into the Spotlight
After a week-long slump, the Shiba Inu (SHIB) stock price is back in the spotlight thanks to a big market upheaval.
Shiba Inu's price was $0.0000132 as of this writing, according to statistics from CoinMarketCap, a 1.75% increase over the past 24 hours. Among the few instances since the beginning of September when SHIB measures across price and volume would enter a positive session, this is worth noting.
With a staggering 68% increase in only one day, Shiba Inu whales are undoubtedly leading the charge in this upheaval. These major wallet account holders have transacted a total of $24.97 million, according to data from IntoTheBlock.
Whale Trades Hit $100,000 Threshold
The threshold at which IntoTheBlock considers a transaction to be a whale is $100,000. In the last day, a grand total of 98 transactions have taken place. The actual amount of SHIB that has been shuffled by major whale holders throughout this time span is 1.95 trillion.
The expansion of the token is directly related to the consequences of this whale move. According to U.Today, all three metrics—price, market capitalization, and trading volume—have recovered from previous critical levels thanks to an increase in whale transactions.
The current state of Shiba Inu's success is overshadowed by its strong relationship with Bitcoin.
Bitcoin's Role in SHIB's Positive Trend
The upward trend in the price of Bitcoin (BTC) as of this writing may explain this seemingly favorable price change. Nevertheless, for SHIB to achieve long-term success, the token must continue to evolve with the ecosystem. The multitude of improvements aiming to be integrated into Shibarium provides the foundation for the token to continue expanding in the long run.
By the end of the year, if SHIB's recent gains hold, it might have broken free of Bitcoin's long-term influence, increasing the likelihood that it will retest its ATH.
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