In a remarkable surge indicative of bullish sentiment, the meme-inspired cryptocurrency Shiba Inu (SHIB) has experienced a staggering 290% increase in whale activity within the past 24 hours. Data sourced from IntoTheBlock reveals a substantial rise in the volume of large transactions involving SHIB, soaring from 1.23 trillion SHIB to 3.57 trillion SHIB.

In terms of fiat currency, this surge translated into a notable spike in transaction volume from $29.93 million to $91.04 million. Impressively, there were a total of 268 whale transactions recorded during this period, each amounting to at least $100,000.

While SHIB's price action over the past day has been equally attention-grabbing, with a 4.89% increase propelling it to a peak of $0.00002623, recent concerns surrounding Mt. Gox fulfilling its Bitcoin obligations have contributed to a more than 3% decline today.

The current price dynamics of SHIB present an intriguing scenario, characterized by successive daily candles exhibiting diminishing size in both their bottoms and tops. This pattern suggests a potential bullish accumulation phase, albeit with a note of caution as the cryptocurrency approaches a key resistance level, which could potentially trap unsuspecting buyers.

Regardless of the immediate outcome, analysis of the SHIB price chart indicates an impending significant move, with the ongoing accumulation by whales signaling preparations for what lies ahead. As the market braces for potential volatility, investors and observers alike are closely monitoring SHIB's next move, anticipating the continuation of its price momentum.