Shiba Inu (SHIB) saw a surge in whale transactions on July 7, with 14 separate transactions worth over $1 million each. This resulted in an 8% price jump for the altcoin. According to data from Santiment, this surge represented the highest daily count of similar transactions in over three months. However, despite the increase in trading activity, market sentiment for SHIB remained poor, with the alt's weighted sentiment resting below the center 0 line at -0.888.

The increase in SHIB whale transactions and unique tokens in circulation has yet to translate into improved market sentiment and price performance. SHIB's Market Value to Realised Value ratio (MVRV) has been negative since May, indicating that the token has been undervalued. Additionally,

SHIB has experienced a decline in network and social activities over the past month, which could pose challenges for the token's value to increase. For SHIB's price to continue on its upward trajectory, social activity and new liquidity need to enter the market through increased network activity.