Shiba Inu, the popular meme token, has witnessed a significant increase in whale activity, indicating large holders are actively trading the cryptocurrency. According to IntoTheBlock, the volume of large transactions exceeding $100,000 has risen by 295%, totaling 4.95 trillion SHIB worth $95.57 million.

This surge in whale activity may be a strategic move to create a price floor, stabilizing SHIB prices and preventing further declines. The Shiba Inu network has seen an increase in both the amount of SHIB tokens traded and the amount transferred on the blockchain. Despite a 10.44% price drop in the last 24 hours, the trading volume has increased by 156%.

The recent increase in large transaction volume is significant, as Shiba Inu has reached a critical threshold where a large number of investors have purchased a substantial amount of SHIB. According to IntoTheBlock data, 501.18 trillion SHIB were bought 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 key support level where buying interest is strong enough to prevent further declines.

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, indicating strong foundational support. However, if the support level cannot be maintained, SHIB may experience further declines, leading investors to seek new support levels in the $0.000008 to $0.000014 range.

In conclusion, the surge in whale activity in Shiba Inu may be a sign of price stability on the horizon. The increase in large transaction volume and support level at 501 trillion SHIB indicate a strong foundation for the cryptocurrency. However, if the support level is not maintained, further price fluctuations may occur. The market will be watching closely to see how Shiba Inu's price will react to this increased whale activity.