Shiba Inu whales have returned to the market with a significant increase in activity. The reason behind such a sudden comeback remains unclear but at the same time gives us an important insight: things are normalizing.
Recent transactions show that there have been notable movements of the SHIB token. For example, Robinhood recorded $981 billion worth of SHIB trades, or about $15.84 million. Coinbase's hot wallet was also given 161.348 billion SHIB, equivalent to 2.61 million USD.
There were also significant transfers totaling more than $1 million SHIB, involving Wintermute's Binance deposits and Binance's hot wallet. These transactions show that significant participants or whales are once again participating in active SHIB trading. On-chain metrics support this activity.
TheBlock reported that there were 84 large transactions in the past day, with a seven-day high of 199 transactions on July 5, 2024. On July 8, 2024, the total
SHIB trading reached a 7-day high of 5.71 trillion SHIB. A possible change in market dynamics is indicated by the reappearance of whale activity in SHIB trading. Such large transactions often indicate institutional investors' confidence in the short-term potential of the asset or strategic location.
While the exact reasons behind these whale actions are unknown, they often occur before notable changes in the market. On a larger scale, the return of whale activity may indicate that the Shiba Inu is entering a period of stability. Notable transactions show that major holders appear to have regained interest and confidence after weeks of underperformance and falling prices.
Additionally, the performance we are seeing currently may be the result of exchange-related fund redistribution and does not necessarily impact the asset's performance.
