1.25 Trillion SHIB in 24 Hours — Are Shiba Inu Whales Signaling Something?

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen plenty of bull and bear runs that have left even the most hardened traders scratching their heads. However, when it comes to cryptocurrencies like Shiba Inu (SHIB), the wild west feel of this emerging market can be both exhilarating and terrifying in equal measure.

Based on information from IntoTheBlock, it’s shown that large transactions involving the dog-themed cryptocurrency Shiba Inu (SHIB) amount to approximately 1.25 trillion SHIB. This suggests the substantial transfers made by whales and institutional investors within a single day.

Instead, let me point out that there’s been a significant drop – about 16% – in large transaction volume during the past 24 hours.

Since August 5, when Shiba Inu recorded a massive transaction volume of 9.02 trillion SHIB, there has been a consistent decrease in this activity. Typically, a drop in transaction volume suggests a decrease in the level of activity among large investors or “whales.”

1.25 Trillion SHIB in 24 Hours — Are Shiba Inu Whales Signaling Something?

A 16% decrease over the past day might indicate that significant Shiba Inu investors are adopting a wait-and-see approach, as they seem to be pausing to gather more information about market trends before taking further action.

They might be waiting for clearer signs in the market before making their move, as this strategy is common during uncertain times or when the market is at a critical juncture, like just before a possible rise (breakout) or fall (breakdown) in prices.

Shiba Inu whales anticipating breakout?

With much anticipation, the market is watching for Shiba Inu’s upcoming significant shift. It’s possible that the large Shiba Inu investors (whales) are maintaining their holdings, ready to seize an opportunity during a price spike or mitigate potential losses if there’s a downturn.

Expecting a decrease in activity might lead to a quieter phase, as indicated by the recent 16% fall in large transactions. This tranquil spell could potentially signal significant market movement in the near future.

What’s next for SHIB price?

Starting August 5, Shiba Inu started to regain strength after a nine-day consecutive drop that bottomed out at $0.0000107. This rebound peaked at $0.0000144 on Aug. 8, but then experienced a slight pullback.

Currently, at this moment, Shiba Inu (SHIB) has dipped by 0.15% within the past 24 hours, bringing its price to $0.000014. Over the last week, there’s been a more significant drop of 5.12%.

Should the current upward trend continue, Shiba Inu might aim for its daily moving averages of 50 and 200, approximately at $0.0000164 and $0.0000203 respectively. It’s expected that bears will try to hold these critical points, as breaching and closing above them could potentially lead to a spike in price up to $0.000020 and possibly even $0.00003.

From my perspective as an analyst, should the Shiba Inu (SHIB) price decrease from its current point, it could suggest that overall sentiment remains bearish and traders are offloading during upticks. The bears might be strategizing to further lower the SHIB price towards $0.000010.

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2024-08-10 20:50