As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by the recent surge in large transactions with Shiba Inu (SHIB). The volume of these transactions is on the rise, hinting at a potential breakthrough towards its seven-day high.
Over the past day, there’s been a significant surge in the transfer of approximately 2.65 trillion Shiba Inu coins, leading to an increase in large transactions. The volume of these substantial transactions is bouncing back, coming close to the seven-day peak of about 3.52 trillion SHIB
If current trends continue, Shiba Inu (SHIB) could potentially exceed its seven-day high, signifying an ongoing recovery from its recent setbacks. The digital coin has been undergoing stress, as suggested by on-chain data, which is manifested in both its price fluctuations and transaction activity. However, the recent surge in large transactions suggests a potential rebound that may gather more momentum
This significant increase in transactions worth $35.9 million over the past day suggests a growing enthusiasm and return of liquidity for SHIB, which is a promising sign. Glancing at the price chart reveals that SHIB has been fluctuating around the $0.000013 mark, indicating some instability as it seeks a stable position
The asset has not yet surpassed its key moving averages (50, 100, 200 EMA) at this point, acting as temporary obstacles for now. However, should the buying activity remain robust, the increasing trade volume could potentially shatter these hurdles, leading to a possible price increase
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2024-09-05 11:57