Shiba Inu (SHIB) Skyrockets 360% in Bullish Whale Activity

Shiba Inu has recorded an impressive whale boost, as spotted by on-chain analytics platform Santiment

The dog-themed Shiba Inu (SHIB) memecoin is among the top cryptocurrencies experiencing a surge in whale activity. According to Santiment, Shiba Inu reported a 360% increase in whale transaction count within the last seven days.

Whales’ Intensified Interest in Shiba Inu

These whales are large investors that have transacted over $100,000 worth of SHIB in the past week. The rise in Shiba Inu whale activity indicates either buying or selling, leading to expectations of price changes.

Typically, whales or large investors increase their transactions, expecting bullish momentum ahead. Because they possess a large number of tokens, they could influence the future price trajectory of Shiba Inu.

The surge in whale activity comes shortly after Shiba Inu’s marketing lead, LUCIE, announced the project’s new partnership with open-source cryptography company Zama. Through the partnership, Shiba Inu aims to unlock new frontiers with Fully Homomorphic Encryption (FHE), ultimately enhancing the ecosystem’s capabilities.

The focus is on Shibarium and other enterprise-level concepts currently being developed. LUCIE describes FHE as a revolutionary solution that protects privacy while allowing crypto transactions to occur on the blockchain.

Shiba Inu’s Price and Forecast

At the time of writing, SHIB, Shiba Inu’s native digital asset, was up 1.02% in the last 24 hours to $0.00001843 and up 26% weekly. SHIB is the 13th largest cryptocurrency, with a market valuation of $10.86 billion. However, the trading volume is down by 3.6% in the last 24 hours to $538 million, suggesting investors’ dwindling interest.

Nonetheless, market experts believe SHIB will soon reach a new all-time high. Top market analyst SHIB KNIGHT is bullish, saying that SHIB will reach $0.00008616 before the end of this year. 

He anticipated Shiba Inu surpassing its October 2021 top of $0.00008845, representing a 316.8% rise over its current price. The analyst’s prediction is based on recent positive momentum in the Shiba Inu ecosystem.

While it may seem difficult for SHIB to achieve the analyst’s forecast, the latest rise in whale activity might spark further rally for the memecoin.

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