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Shiba Inu (SHIB) Soars 68% As Whale Activity Spikes

Shiba Inu (SHIB) jumps 68% in a major whale-driven surge. Learn what’s fueling SHIB’s impressive comeback.

2 min 30 sec September 9, 2024

Highlights:

$SHIB spikes 68% due to significant whale activity in the market.

Whales moved $24.97 million in $SHIB, driving up price and volume.

$SHIB’s performance is linked to Bitcoin; future growth depends on ecosystem expansion.

Shiba Inu (SHIB) Soars 68% As Whale Activity Spikes

Shiba Inu (SHIB) is performing well even after a recent market shake-up. Following a week of downward trends, $SHIB has bounced back to $0.0000132, marking a 1.75% increase over the past 24 hours. 

 

This uptick represents one of the rare moments this month. $SHIB has shown positive movement in both price and volume.

 

Whale Activity Drives Surge

 

The most significant factor behind $SHIB’s recent surge is whale activity. Over the past day, $SHIB whales have sparked an impressive 68% rally. 

 

$SHIB's Data from IntoTheBlock reveals that these large investors have moved a staggering $24.97 million worth of SHIB in just 24 hours. Specifically, there have been 98 transactions involving at least $100,000 each, equating to 1.95 trillion SHIB being shuffled around.

 

 

These whale moves have not only influenced $SHIB’s price but also its market capitalization and trading volume. As these large holders engage in massive transactions, they help drive up both the token’s value and overall market activity, reversing previous declines.

 

Navigating Market Correlations

 

Currently, $SHIB’s performance seems closely linked to Bitcoin’s movements. The recent uptick in SHIB’s price might be partially due to Bitcoin’s own price growth. 

 

However, for $SHIB to break free from Bitcoin’s shadow, it will need to sustain its development and expand its ecosystem. With new advancements on the horizon for Shibarium, $SHIB has the potential to strengthen its position. 

 

If these developments continue to progress, $SHIB could see a notable breakout from Bitcoin’s influence. This could pave the way for $SHIB to test its all-time high (ATH) before the end of the year.

 

 

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