The price of Shiba Inu (SHIB) has risen by more than 15% in a week as whales scoop up large amounts of the token. The transactions suggest that a large group of whales is stockpiling SHIB.
Whales are flocking to the Shiba Inu, with large holders purchasing over $35 million in a single day. Transactions have taken place as the price has risen significantly.
SHIB has gained more than 11% in the last 24 hours, with a trading volume of more than $617 million, according to CoinMarketCap data.
One whale purchased approximately 119.3 billion SHIB just as the token broke through its resistance level. Another paid $33.6 million for a whopping 3.36 trillion SHIB.
Surprisingly, these are both new whales, and both transactions occurred within a 24-hour period.
Shiba Inu’s price can be unpredictable because it is a meme coin. However, there have been some significant changes in the ecosystem.
The market has also been improving in general, with all assets seeing significant price increases in recent days.