Shiba Inu (SHIB) Ecosystem Turns Positive as Whales Join the Market Surge

The Shiba Inu ecosystem is turning positive in light of recent price action in the wider crypto market. Many cryptocurrencies and blockchains are

The Shiba Inu [SHIB] ecosystem has been buzzing with activity of late. As the wider crypto market showed signs of recovery, large transactions were being observed on the SHIB network. According to IntoTheBlock’s large transaction metric, the amount of transactions greater than $100,000, hit $30.64 million on Saturday.

This highlighted a 46.9% increase from the $20.85 million recorded on Friday. Moreover, it also showed an increase of 121% from the $13.86 million recorded two days prior. This increase in transaction value was also accompanied by an increase in transaction volume from large SHIB holders.

While the numbers may seem small compared to what SHIB whales have been known to transact in the past, the sheer increase in activity suggested a change in sentiment from SHIB whales. They have been largely quiet since the beginning of July. However, when they start shuffling around significant amounts of SHIB, it’s usually a sign that something’s brewing.

SHIB’s recent price performance has been a point of interest for holders. At the time of writing, SHIB was trading at $0.000018, up by 3% in the past 24 hours. Interestingly, SHIB was up by a larger 13.5% from its bottom of $0.00001585 on 12 July. This pushed many more SHIB addresses into profitability, and profitability was now at 52.14% of the total addresses.

The majority of this increase could be attributed to the recent price upticks led by Bitcoin [BTC]. However, more likely than not, the surge in whale transactions also contributed to a better price increase for SHIB.

Looking at the positive price reaction of SHIB, the recent transfers by the whales were most likely accumulations, which is a positive outlook for incoming price action. Some major players might be already repositioning their SHIB holdings away from exchanges. This may cause ripples throughout the ecosystem, leading to a larger trend of interest in SHIB, even if it’s just for a short period of time.

Consequently, the meme coin could continue on the price uptick until it reaches a major order block around $0.0000209.

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