According to U.Today, Shiba Inu (SHIB) whales have been heavily accumulating the digital currency. Crypto analytics platform IntoTheBlock reports that large whale transactions accounted for 73.72% of all activity within a 24-hour period. A total of 327 large transactions were recorded during this time, indicating a potential growth trajectory for SHIB.
In terms of volume, Shiba Inu whales acquired a total of 5.58 trillion SHIB in 24 hours. This volume equates to approximately $145.48 million, making Shiba Inu one of the most traded tokens by whales this week. Transactions are classified as 'whale' transactions if they have a monetary value of at least $100,000.
The high volume of tokens being purchased has led to a supply crunch in the ecosystem, which could potentially sustain the bull rally that has been observed in recent days. However, despite a 10% increase in a single day and surpassing the 50-day EMA, SHIB's price has struggled to maintain the rally. Current data shows that Shiba Inu is priced at $0.00002612, a 2.72% increase in the past 24 hours.
Shiba Inu has been making efforts to increase its current price range and potentially reach the $0.00007 high. These efforts are supported by an intense deflationary push through its burn rate and aggressive transaction growth on Shibarium. Despite these efforts, Shiba Inu's growth appears to be moving at the same pace as the broader market. However, there are expectations that the token will experience a breakout in the long term.