The Shiba Inu (SHIB coin) world is full of activity, but is this a sign of the future? Recent data shows an increase in transactions involving major wallets. These transactions, whose cumulative volume reached close to 2 trillion SHIB in the last 24 hours, represent a significant jump from the seven-day low seen on May 19, 2024, with 82 transactions. However, analysts warn against rushing to celebrate. While the increase in large transaction volume is undeniable, its meaning is still unclear. It is quite possible that these transfers are simply internal wallet realignments or asset reallocations for liquidity rather than a prelude to major price swings.
Whales are on the move for SHIB coin
A sudden increase in large transactions can have multiple interpretations. One possibility is that large SHIB holders simply redistribute their assets within their own portfolios. This may include internal wallet management or preparations for future market action. Additionally, these large transfers may be related to increasing liquidity, perhaps in anticipation of future trades.
Despite increased activity, the general sentiment surrounding SHIB remains largely neutral. The price did not show any significant upward movement and is fluctuating around $0.000024. The Relative Strength Index (RSI), a technical indicator that shows neither strong buy nor sell signals, also remains above the 50-point mark.
Beyond Shiba Inu: Whales on the move
The cryptocurrency market is a hotbed of activity beyond the Shiba Inu. Recent reports highlight intriguing insider whale activity in a newly launched memecoin called CAT. Data shows that a major investor used a new wallet to purchase 63.2% of CAT’s total supply with $230,000 worth of Solana (SOL) coin. This person then took advantage of the price volatility and sold some of his CAT assets for $5 million.
Meanwhile, another whale, possibly linked to market maker Wintermute, also looks pretty bullish on CAT. A wallet thought to be linked to Wintermute used $301,000 worth of SOL to purchase CAT and is currently making a profit of $886,000. At the time of this writing, CAT’s total market capitalization reached $25 million. However, it is important to remember the inherent volatility and risk of these assets, as memecoins generally have no intrinsic value and rely solely on hype and speculation for price increases.
Whales and Ethereum spot ETF approval
Remarkable whale movements were also observed around Ethereum (ETH). Before news broke that the US Securities and Exchange Commission (SEC) had approved multiple Ethereum spot ETF applications, one whale made a strategic move. According to tracking data, this whale spent 26.67 million USDT, purchasing 8,733 ETH at an average price of $3,054.56. This buy is currently generating profits of around $6 million, suggesting that the whale was anticipating the potential price increase associated with the ETF approval.
Other notable whale movements include:
- On May 26, a new address transferred 252.4 billion PEPE tokens from the OKX exchange, worth $3.85 million.
- A multi-signature address thought to be affiliated with the Ethereum Foundation moved 4,287 ETH from Spark Protocol to Kraken four months ago (January 20 – February 11), potentially generating a 56% return on their investment.
- From the Ethereum Foundation itself, 200 ETH, approximately $740,000, was added to the Kraken account.
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