The Shiba Inu price opened trading at $0.000027 on Wednesday, April 24, 2024, up 50% in the last 10-days. On-chain data trends examine how investors’ reaction to the recent $12 million TREAT funding round drove the rally.
Shiba Inu Price Bounces as Team Secures $12M Funding
On Monday, April 22, Shiba Inu’s pseudonymous marketing lead Lucie took to X (formerly Twitter) to announce the ecosystem team had secured $12 million funding for its upcoming blockchain project.
Prominent crypto venture capitalists including Animoca brands, Comma 3 Ventures, and Stake Capital were some of the big backers listed on the Shiba Inu funding round roster.
Unsurprisingly, Shiba Inu price rapidly surged 20% within 72-hours of the announcement, as bull traders look to front-run potential gains from the mooted Layer-3 blockchain development.
Looking beyond the price action, on-chain data trail shows how a surge in whale investors activity has been a major catalyst behind the SHIB rally.
Shiba Inu Whales Spring Back to Action after Funding Announcement
Shiba Inu whales cut down on their trading activity significantly when the global crypto market entered a correction phase in mid-April. But following the team’s $12 million funding announcement, on-chain data shows that the whales are back on the scene.
IntoTheBlock’s large transactions metric tracks each individual trade that exceeds $100,000 in value on a given day, serving as proxy for monitoring whale activity.
As depicted in the chart above, Shiba Inu recorded only 72 large transactions on April 18. But that figure has now surged 170% as the latest data shows the whales conducted 195 large transactions on April 23.
An increase in whale transactions during a price uptrend often intensifies the rally for a number of reasons. Firstly, it enhances market depth and liquidity, helping early sellers execute trades at favorable prices without slowing the rally.
If this trend persists with the confidence boost from the funding announcement, SHIB bulls could target a parabolic breakout above the $0.000030 milestone for the first time since April 1.