Shiba Inu’s large transaction volume has spiked massively in four days, providing a bullish outlook for the second-largest meme coin by market cap. This development indicates that SHIB whales are back, which is a positive for the Shiba Inu price.
Shiba Inu Large Transaction Volumes Spike Over 150% In Four Days
IntoTheBlock data shows that Shiba Inu’s large transaction volumes spiked over 150% in four days, between March 2nd and 5th. On March 2nd, these SHIB whales traded $17.28 million worth of Shiba Inu, while the trading volume skyrocketed to $39.84 million on March 5, marking a 7-day high.
This development is bullish as it indicates that SHIB whales are back. Prior to this spike, there was a noticeable downturn in SHIB’s large transaction volumes amid a broader market downtrend, leading to speculation that these whales had opted to remain on the sidelines. However, the recent increase signals growing confidence in Shiba Inu’s potential among these significant investors.
Further data from IntoTheBlock reinforces this by revealing that the ‘Concentration’ metric is currently bullish. This indicates that these investors are actively accumulating more SHIB to their portfolios. Increased whale activity is particularly bullish for Shiba Inu, as it often precedes significant surges in the price of this meme coin.
A major milestone will be for the Shiba Inu price to reclaim the psychological $0.00002 level, confirming that the meme coin’s bullish run is still on track. Meanwhile, other on-chain metrics, such as net network growth, must also turn bullish for SHIB to sustain the positive momentum it is likely to enjoy.
SHIB to Still Rally to As High As $0.0004
In a recent X post, crypto analyst Crypto ELITES predicted that the Shiba Inu price could potentially rally as high as $0.000472905, outlining three sequential targets for SHIB.
These targets are $0.000085171, $0.000183312, and $0.000472905. Crypto ELITES assured that the technical outlook for the meme coin is positive, asserting that SHIB will gain prominence as Bitcoin’s dominance decreases.
Additionally, analyst Javon Marks has predicted that the Shiba Inu price could see gains of over 400% as it rallies to $0.000081. He explained that SHIB is still holding its breakout that took place between late 2022 and early 2023. A rally to this $0.000081 price target could pave the way for the meme coin to reach its current all-time high (ATH) and possibly establish a new ATH.
As of now, the SHIB price is trading around $0.00001361, showing an increase of over 4% in the last 24 hours, based on data from CoinMarketCap.
