Shiba Inu Whales: Are They Signaling a Bull Run?

• Shiba Inu (SHIB) sees significant whale activity, with over $1.51 billion in transactions recorded.
• Large holders control over 73% of the SHIB supply, increasing their positions during market dips.
• Despite increased whale activity, SHIB’s price has only seen a slight 2% decline in the past 24 hours.

Shiba Inu (SHIB) is again capturing crypto whales’ attention, with recent data revealing significant accumulation among top-tier wallets. This renewed interest raises the question: Is whale activity signaling an impending bullish move for the popular meme coin?

On-Chain Data Shows Spike in Whale Activity

Blockchain analytics show that SHIB transactions exceeding $100K have spiked over the past week, with 332 such transactions recorded, totaling over $1.51 billion. This surge in whale activity coincided with additional data revealing the movement of 4 trillion Shiba Inu, valued at $99 million, between anonymous wallets on November 14.

A few days prior, approximately 1.6 trillion SHIB tokens were moved in three transactions from an anonymous wallet to the Coinbase exchange.

At press time, data from IntoTheBlock shows that large holders now control over 73% of the total SHIB supply. These whales are not only holding but actively increasing their positions during the current market dip.

This is further supported by data from CryptoQuant, which shows a steep decline in Shiba Inu reserves on centralized exchanges over the past week, from 139.39 trillion on November 16 to 138.2 trillion SHIB tokens on November 20.

A Bullish Signal or Strategic Hedging?

Historically, whale activity has often preceded major price movements for SHIB. For instance, intelligence platform Santiment reported a massive 360% rise in whale activity around Shiba Inu in the last week of September. 

This surge coincided with Shiba Inu’s price jumping from $0.0000143 on September 24 to $0.00002156 on September 27, representing a 50.76% increase in just three days.

However, Shiba Inu is currently trading at $0.00002409, down 2% in the last 24 hours, despite the recent spike in whale activity. This may suggest that Shiba Inu’s price could be primed for a significant move in the coming days, especially now that Bitcoin has broken an all-time high of $97K.

It is also important to note that whale concentration can sometimes lead to price manipulation, where large holders capitalize on retail investors’ enthusiasm to offload their assets at a premium. For example, on November 12, a Shiba Inu whale holding 2.5 trillion tokens offloaded 100 billion SHIB, cashing in $2.85 million in profit. As a result, while whale accumulation is a promising sign, it is not without risks.