What is really happening?

As the crypto market began the week with notable rallies across major cryptocurrencies, inching toward what many expect to be another bull market, Shiba Inu is gradually building momentum. This follows a significant daily surge in its large transaction volume, according to data from IntoTheBlock.

The data shows that Shiba Inu recorded a massive 95.91% increase in large transaction volume, surpassing 18.51 trillion SHIB, worth approximately $7.75 million as of April 21. This suggests growing interest from whales.

Shiba Inu rebounds in key metrics

This spike in SHIB’s large transaction volume marks a turnaround from the sustained lows experienced last week, when SHIB traded below the $0.000012 level. That dip had sparked speculation and fears about SHIB potentially adding another zero. Notably, SHIB’s large transaction volume hit a weekly low of 320.28 billion SHIB on April 19, a decline of over 50% compared to its current level.

However, SHIB has seen a notable rebound in key metrics today, as its price climbed to $0.00001277—the highest level in the past seven days. This recovery also extended to other crucial indicators, reinforcing a bullish outlook for the popular meme coin.

SHIB’s overall trading volume has also responded positively to this momentum, rising by 42.49% to over $151 million. Investor confidence is on the rise amid renewed hopes of a potential breakout for the dog-themed cryptocurrency.

Further data reveals a total of 29 large transactions—each involving at least $100,000—were conducted in the past 24 hours. While only 52 large transactions were recorded over the past seven days, it’s clear that whale activity has surged significantly today.

The uptick in whale activity suggests that large SHIB holders view the current price point as an opportune moment to accumulate tokens in bulk.

While it’s unclear whether this increase in whale participation is being driven by corporations or high-profile retail investors, the metric hints at possible strategic accumulation ahead of a major move. Investors are keeping a close watch, anticipating the chance to maximize profits if momentum continues.