Shiba Inu (SHIB) whales have significantly ramped up their accumulation of the digital currency. Data from the crypto analytics platform IntoTheBlock reveals that large whale transactions comprised 73.72% of total SHIB transactions within a 24-hour period. Specifically, there were 327 large transactions recorded during this time frame, setting SHIB on a potentially ambitious growth trajectory.

_{^{SHIB Large Transaction Chart. Source: IntoTheBlock}}

Massive Whale Transactions Fuel Growth

In terms of volume, Shiba Inu whales acquired a staggering 5.58 trillion SHIB within a single day. This volume equates to $145.48 million, placing Shiba Inu among the most traded tokens by whales this week. Whale transactions, defined as those with a monetary value of at least $100,000, indicate the growing attractiveness of Shiba Inu. 

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The acquisition of over 5.5 trillion tokens introduces a supply crunch into the ecosystem, potentially sustaining the recent bull rally. Despite the heavy accumulation, the Shiba Inu protocol faces challenges. After soaring as much as 10% in a single day and surpassing the 50-day EMA, SHIB’s price has struggled to maintain this rally. 

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At the time of writing, Shiba Inu is priced at $0.00002612, marking a 2.72% increase in the past 24 hours. Although Shiba Inu has been making efforts to climb above the current price range and possibly break toward the $0.00007 high, these efforts face headwinds.

Deflationary Push And Market Trends

Shiba Inu’s deflationary push, driven by its burn rate and aggressive Shibarium transaction growth, supports these efforts. However, Shiba Inu’s growth appears to be moving in tandem with the broader market, which is progressing at a slower pace. There is cautious optimism that the token will achieve a significant breakout in the long term. 

Overall, the Shiba Inu ecosystem continues to attract substantial whale interest, as evidenced by the massive acquisitions. While the current price rally has faced hurdles, the long-term outlook remains hopeful due to the combined effects of whale transactions and deflationary measures. As the broader market trends evolve, Shiba Inu may find the momentum needed to achieve its ambitious price targets.