Whales Surge: SHIB's $46M Transaction Spree Sparks Price Hike Speculation

Shiba Inu (SHIB), the popular memecoin, has witnessed a significant surge in large transactions recently, sparking speculation about its next price move. Over the last 24 hours, whale activity skyrocketed, with large transactions surging by 92% to hit $46.03M. This sudden spike in whale activity has left the crypto community wondering if the hike could push the crypto's price towards $0.00002 or not.

Whales, typically high-net-worth investors, are often viewed as the initiators of major price movements. They have been busy accumulating or redistributing SHIB lately, with large transactions, usually involving amounts exceeding $100k, serving as a significant indicator of whale activity. The latest 92% hike in SHIB large transactions is a sign that high-net-worth investors are taking positions for a likely price surge or profit-taking opportunity. This could be a bullish break if the pattern of accumulation continues.

Trading at $0.00001678 at press time, SHIB faces a steep climb to reach the $0.00002 key resistance level. However, the memecoin has gained by over 48% since the last crypto market crash, lending more optimism to its price fortunes in the near term. The hike in whale activity and positive technical signals seemed to paint a bullish picture for the memecoin's road ahead. Additionally, the prevailing trend of buying interest with diminished selling pressure could allow SHIB to test higher resistance levels at around $0.00002.

Shiba Inu ecosystem developments like Shibarium and its layer-2 solution in late December have all added fuel to the aforementioned positive market sentiments. All these, combined with surging whale interest, could set up a perfect storm for SHIB's price to hike on the charts.