Whales Accumulate 10.4 Trillion SHIB Tokens Sparking 600% Activity Surge

Shiba Inu (SHIB) has once again captured the attention of the cryptocurrency market as whale investors have acquired 10.4 trillion tokens, valued at $110 million. This significant accumulation has sparked a notable increase in on-chain activity and has generated bullish technical signals, reigniting short-term price and market optimism.

Following a period of sharp decline and waning investor confidence, whales are now actively accumulating billions of SHIB tokens. This renewed interest has led to a surge in on-chain activity, with Shiba Inu’s transaction volume soaring to 24 trillion SHIB in early June. Whale activity during this period surged by 600%, contributing to the bullish momentum that has started to build.

Market analyst Kryll has observed that Shiba Inu is currently experiencing a golden cross, a technical indicator that occurs when the 50-day moving average crosses above the 200-day moving average. This crossover signals a potential trend reversal from bearish to bullish, indicating that Shiba Inu’s short-term price momentum is gaining strength. This positive market psychology could further boost sentiment and drive price increases.

Technical analyst Tom Tucker added that SHIB is trading just above its year-to-date low, with a double-bottom pattern forming. He noted that exchange supply is dropping, and a rally in Bitcoin (BTC) could add fuel to the bullish momentum. These technical indicators suggest that Shiba Inu is poised for a potential price recovery.

In addition to the technical signals, the Shibarium team has recently unveiled a major upgrade aimed at enhancing decentralization, privacy, and censorship resistance. This upgrade includes the enforcement of rate limits on public Remote Procedure Call (RPC) endpoints, marking a significant step toward a more secure and resilient Shiba Inu network. This development is expected to further bolster investor confidence and support the long-term growth of the SHIB ecosystem.