Unexpected Increase in Shiba Inu Activity: Metric Jumps 700 Percent!

Trading activity by Shiba Inu holders has managed to recover from the lows it recorded some time ago.

As Koinfinans.com reported, in addition to the increase in leveraged transactions in the cryptocurrency market, the disappointing expectations for the spot Bitcoin ETF triggered sharp declines in the market. Affected by the decline, SHIB gained positive momentum by falling below the psychological level at $0.00001.

However, it has also aided in the resurgence of Shiba Inu whale activity. According to on-chain data from IntoTheBlock, SHIB whale activity has increased by 700%, largely due to a significant increase following yesterday's drop.

As whales took advantage of the market decline to increase their portfolios and lower average entry prices, this increase helped Shiba Inu briefly push above $0.00001. Still, that doesn't take away from the fact that SHIB dropped as low as $0.00000932 in the flash crash.

The price has now rebounded to $0.000009975. However, during the declines, its market capitalization also lost close to $400 million. Although Shibarium and other technical developments in the network did not have the expected impact in 2023, they helped to gain up to 70% in total. Increased whale activity could also help stabilize prices in the short term and set the token up for a comeback.

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