Shiba Inu, a popular meme token, has experienced a significant increase in whale activity, according to data from IntoTheBlock. The volume of large transactions exceeding $100,000 has surged by 295%, indicating that large holders are actively trading the cryptocurrency.

The increase in whale activity has resulted in a significant amount of SHIB being traded on the network. According to (link unavailable) data, the trading volume has increased by 156% in the last 24 hours, with 4.95 trillion SHIB worth $95.57 million being traded. However, the price of SHIB has fallen by 10.44% to $0.0000181 in the same period.

The recent increase in whale activity could be a strategic move to create a price floor and stabilize SHIB prices. According to IntoTheBlock data, a significant amount of SHIB (501.18 trillion) was purchased at an average price of $0.000016 by 80,950 addresses in the $0.000014 to $0.000019 range. This range is crucial as it represents a strong support level where buying interest is high.

If the whale-driven increase in large transaction volume defends the 501 trillion SHIB range, it could prevent further price drops and potentially lead to a recovery. This would be a positive sign for the SHIB price and indicate strong foundational support. However, if the support level cannot be maintained, SHIB may experience further declines, leading to a longer period of price fluctuation.

In conclusion, the recent surge in whale activity in Shiba Inu has resulted in a significant increase in trading volume, but the price impact remains uncertain. While the increase in whale activity could be a strategic move to stabilize prices, it is also possible that the support level may not hold, leading to further price declines. Only time will tell how the SHIB price will react to this increased whale activity.