The Shiba Inu Price: Returning to English

Shiba Inu, the popular cryptocurrency, experienced a significant increase in price as its team secured $12 million in funding for their upcoming blockchain project. The news was announced by Lucie, the pseudonymous marketing lead, on X (formerly Twitter) on Monday, April 22.
The funding round saw participation from prominent crypto venture capitalists such as Animoca brands, Comma 3 Ventures, and Stake Capital. As a result, the Shiba Inu price quickly rose by 20% within 72 hours of the announcement, as bullish traders anticipated potential gains from the development of a Layer-3 blockchain.
However, the surge in price was not the only notable trend. On-chain data revealed that the increase in activity from whale investors played a significant role in driving the rally.
During the correction phase of the global crypto market in mid-April, Shiba Inu whales significantly reduced their trading activity. But with the announcement of the $12 million funding, the whales have returned to the scene.
Tracking large transactions exceeding $100,000 in value, IntoTheBlock’s data showed that Shiba Inu recorded only 72 such transactions on April 18. However, this number increased by 170% as the latest data indicated that the whales conducted 195 large transactions on April 23.
An increase in whale transactions during a price uptrend can intensify the rally for several reasons. It enhances market depth and liquidity, allowing early sellers to execute trades at favorable prices without impeding the rally.
If this trend continues, coupled with the confidence boost from the funding announcement, SHIB bulls may aim for a parabolic breakout above the $0.000030 milestone for the first time since April 1.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic cannot be held responsible for any financial losses incurred.