10 Trillion Shiba Inu (SHIB) in 24 Hours: Not Impressive

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As a seasoned researcher with years of market analysis under my belt, I’ve seen my fair share of rollercoaster rides in the crypto world – and Shiba Inu is no exception. While 10 trillion SHIB transacted in a day might sound like a fortune to some, it’s just a drop in the ocean compared to its historical highs.

Even though it appears large, the 10 trillion Shiba Inus traded in the last 24 hours by whales is relatively insignificant compared to its all-time highs. Large transaction volumes often indicate potential market shifts as they usually reflect heightened whale activity.

Contrasting with SHIB’s initial surge, the current data suggests a waning interest. An examination of the charts reveals that SHIB’s price is hovering around a crucial support line. The recent bounce back from the 50 EMA suggests an effort to preserve its uptrend trajectory.

In contrast to past periods marked by rapid expansion, the present surge in value is accompanied by relatively modest volumes. This suggests that the current trend might lack the necessary strength to maintain an extended upward trajectory, as suggested by the discrepancy between trading activity and price fluctuations.

The IntoTheBlock chart presents a clearer picture. During SHIB’s bullish phases, transaction volumes frequently exceeded 18 trillion tokens, as indicated by notable increases. Conversely, during bearish times, transaction volumes often dropped below 10 trillion tokens, suggesting a correlation between market downturns and reduced whale activity. However, the current volume remains above the bearish level, but it doesn’t show the intense distribution or accumulation typically seen in significant market shifts.

Based on the moderate level of whale activity, it seems that Shiba Inu (SHIB) might be at a pivotal moment. Currently, it doesn’t show clear signs of intense selling pressure or strong enough bullish trends to surge higher, suggesting it’s in a period of consolidation. A significant increase in trading volumes is needed, signifying renewed interest from key investors, for SHIB to recapture its previous bullish momentum.

Consequently, despite 10 trillion SHIB being traded in just one day, this doesn’t necessarily signal a major shift in the market. It appears that the asset is holding out for a more evident trigger to fuel its next significant surge. Therefore, SHIB investors may need to practice patience.

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2024-12-12 17:36