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New observations indicate an increase in whale activity as the bears ease off on their attack.
SHIB kicked off the week on a bearish tone which yielded a slight downside towards mid-week. It then tested support near August lows after dropping back to the $0.000011 level.
Shiba Inu’s price has bounced back slightly since then, confirming that the support line is still active. A closer look at its on-chain metrics reveals that the slight uptick might just be the start of another potentially major price move.
The reappearance of whales
In the last week, SHIB's whale transaction analytics indicated robust whale activity. However, the events of the previous two days are of great relevance. There was at least one transaction for more than $1 million.
In the last two days, there was a greater concentration of transactions worth over $1 million than at any other time in the previous week.
This suggests that whales have been purchasing the midweek price drop for Shiba Inus. A closer examination indicates that a considerable amount of SHIB has collected during the past two days.
On September 7, the 90-day dormant circulation of SHIB experienced a significant increase, with around 1.11 trillion SHIB being transferred.
Additionally, it peaked at 128.7 billion SHIB in the preceding twenty-four hours. This result was in line with the whale activity recorded during the same time frame and the minor price increase.
The age consumed metric registered a 7.61 trillion SHIB spike, indicating that such a large amount changed hands. The meme cryptocurrency registered such a large spike in mid-August which was followed by a major price spike.
These observations in Shiba Inu’s metrics confirm strong whale activity. If the same metrics hold true, SHIB holders should expect a wave of strong demand in the next few days, potentially triggering another major price uptick.
This is subject to an overall sentiment shift which would further enhance the potential outcome.