Shiba Inu (SHIB) whales have been actively amassing the cryptocurrency, contributing to 73.72% of the total trading volume in the past 24 hours. According to data from crypto analytics platform IntoTheBlock, there were 327 substantial transactions recorded, indicating considerable whale interest in SHIB.

In terms of volume, whales acquired an impressive 5.58 trillion SHIB, valued at around $145.48 million. This substantial acquisition positions Shiba Inu among the most traded tokens by whales this week. Whale transactions involve trades worth at least $100,000, highlighting the significant financial influence behind these transactions.

The accumulation by whales introduces a supply shortage into the Shiba Inu ecosystem, potentially fueling the bull rally that SHIB has been experiencing recently.

Despite these large transactions, the overall outlook for the Shiba Inu protocol is nuanced. SHIB's price has seen notable fluctuations, surging by up to 10% in a single day and surpassing the 50-day EMA. However, its inability to sustain this upward momentum has raised concerns among analysts.

Currently, Shiba Inu is priced at $0.00002612, marking a 2.72% increase in the past 24 hours. The token has been striving to break above its current price range and move towards the $0.00007 mark, supported by an aggressive burn rate and increasing transactions on the Shibarium network.

Shiba Inu appears to be following broader market trends, exhibiting a slower pace of growth in line with overall market movements. Despite present challenges, there are anticipations for a potential breakthrough in the long term. The significant whale activity and strategic deflationary measures could pave the way for sustained growth.

Recent whale transactions and strategic initiatives by Shiba Inu suggest the potential for significant market movements. Investors and analysts will closely monitor to see if these efforts can propel SHIB to new heights.