As a seasoned crypto investor with battle-scarred fingers from riding the rollercoaster of digital assets, I must say that the recent spike in Shiba Inu (SHIB) activity has piqued my interest. With over 1.3 trillion SHIB tokens transacted in a single day, it’s clear that whales are back in the game – and I can almost hear their digital whale songs echoing across the blockchain.
On the crypto market, there’s a noticeable comeback for whales (large investors) regarding Shiba Inu, as it demonstrates renewed vigor. Over the past day, approximately 1.3 trillion SHIB tokens have been exchanged, suggesting an increase in substantial transactions and whale activity.
As an analyst, I’ve delved into the recent surge in activity, and interesting findings can be gleaned from the on-chain data. Over the past day, a substantial 42 large transactions have been recorded, marking a seven-day high that was reached on July 25, 2024 with an impressive 55 transactions. Conversely, the lowest point in this period was on July 28, 2024, where only 15 transactions were noted. The recurrence of these large transactions suggests that prominent players are re-entering the market.
In just a single day, an enormous 1.33 trillion Shiba Inu (SHIB) coins were traded. This figure is not only greater than the seven-day low of 365.69 billion SHIB on July 28, 2024, but it’s also close to the highest volume of 1.95 trillion SHIB recorded on July 29, 2024. This substantial increase in trading suggests that major investors are growing more assured and active with their holdings.
As an analyst, I’ve observed that Shiba Inu (SHIB) has been on a downward trend according to technical charts. However, it appears to be finding some stability now. If the whale activity continues as it is, there’s a possibility that the price could hit its lowest point and then reverse. At present, SHIB is trading close to $0.000016.
Key entities possess a significant amount of SHIB, as demonstrated by the high concentration of large holdings at 73%. Additionally, the overwhelming majority of on-chain indicators lean towards optimism. Signs such as network growth and substantial transactions suggest positive tendencies.
Emphasizing optimistic market trends, let’s look at the exchange signals. With a notable imbalance in the bid-ask ratio at 10.31%, this suggests strong purchasing activity. Yet, this level of demand might not be sufficient to significantly alter the price.
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2024-07-31 17:10