- SHIB large transactions spiked $7.75 million on 21 April.
- SHIB address activity has declined to levels last seen in October.
Shiba Inu [SHIB] whale activity (large transactions) spiked by 95% during the early Asian trading session on Monday. According to the blockchain analytics platform, IntoTheBlock, $7.75M was moved by large players.
Source: IntoTheBlock
But was the spike in whale interest enough for SHIB to rally higher?
Assessing SHIB’s recovery
AMBCrypto evaluated the impact of past large transaction spikes on the SHIB price.
In November 2024, whale activity spiked from 4 trillion SHIB to nearly 30 trillion SHIB tokens. This resulted in about a 100% rally for the memecoin. A similar spike on 3rd February also led to a decent rally for SHIB.
Source: IntoTheBlock
But not all whale activity surges led to immediate price rallies. On 6 January, for example, a large transaction increased from 1.5 trillion SHIB to 15 trillion SHIB, but the memecoin dropped lower.
A similar whale activity jump in March was met with flat price action.
Simply put, the recent spike wasn’t enough, independently, to determine SHIB’s extended rally. However, another key network growth factor, address activity, was down nearly 30% in the past 24 hours.
Source: Santiment
The number of address activity was at last October’s lows of 4K, suggesting low market interest. But some players were aggressively accumulating at current levels.
According to Supply on Exchanges (sell pressure), SHIB on CEXes (centralized exchanges) dropped from over 140 trillion to below 100 trillion SHIB in 2025.
Over the same period, over 100 trillion SHIB have been bought and moved off exchanges (accumulation), per Supply outside Exchanges (blue).
Simply put, SHIB recorded steady accumulation and could rally under any positive catalyst, like a macro shift. Besides, the ongoing burning of the excess supply was also great for potential reversal.
Source: SHIB/USDT, TradingView
On the price chart, SHIB was up 23% in April. However, there was an overhead hurdle at the 50-EMA (Exponential Moving Average, blue).
The level, $0.0000129, also aligned with April’s high of $0.000013. As such, SHIB could only hit a new monthly high if it rallied above the obstacle.