1.56 Trillion Shiba Inu (SHIB) in 24 Hours: Whale Comeback

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As a seasoned crypto investor with several years of experience under my belt, I’ve learned to pay close attention to on-chain metrics and large transactions when analyzing potential price movements in the market. The recent surge in whale activity and increased volume for Shiba Inu is something that piques my interest and warrants further examination.

Large amounts of funds are now being moved among whale wallets by whales, while Shiba Inu exhibits signs of improvement across various on-chain indicators. This could potentially signal an upcoming price swing, be it a surge in volatility or simply a bounce back after a lackluster weekend.

The price of Shiba Inu stands at $0.00001729 presently, implying a consolidation phase after a prolonged bearish trend. Notably, there has been an uptick in significant trades and overall trading activity for this asset, hinting at heightened involvement from major investors. The surge in total volume and large transaction volume points to increased engagement from these substantial holders.

1.56 Trillion Shiba Inu (SHIB) in 24 Hours: Whale Comeback

In the past day, specifically on July 18, 2024, there were 61 significant transactions recorded, marking a 1.06% increase from the previous seven days’ average. Conversely, on July 21, 2024, there was a noticeable decrease to just 30 transactions. The total volume of SHIB tokens traded during this 24-hour period amounted to 1.56 trillion units. This figure represented a peak of 50.84 trillion SHIB within the previous seven days, which occurred on July 18, 2024. On the contrary, the lowest trading volume was observed on July 21, 2024, with only 558.73 billion SHIB exchanged.

Large investors are showing renewed enthusiasm for SHIB, as indicated by a surge in significant transactions and increased overall trading activity. This pattern could be a sign that whales are positioning themselves for potential price fluctuations, potentially leading to greater market volatility in the near term.

The Shiba Inu cryptocurrency is facing obstacles as it tries to advance based on the SHIB/USDT chart. The 50 and 100 moving averages are serving as significant barriers for upward progression, located at around $0.00003242 and $0.00003871 respectively. Additionally, the 200 moving average, positioned at $0.00001905, is offering strong resistance. At present, the Relative Strength Index (RSI) stands at 46, suggesting a neutral market with a slight tilt towards bearishness. This implies that while there’s buying activity, it isn’t yet sufficient to propel SHIB above its major resistance thresholds.

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2024-07-24 16:52