3.4 Trillion Shiba Inu (SHIB) in 7 Days, But It Is Not Enough

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As a seasoned crypto investor with a few battle scars and victories under my belt, I must say that the recent performance of Shiba Inu (SHIB) has been a rollercoaster ride. With a transaction volume surging past three trillion in just a week, it’s hard not to be intrigued. However, the lack of immediate price recovery despite this surge is a bit disconcerting.

Although Shiba Inu saw an impressive transaction volume exceeding $3 trillion in the last week, it doesn’t seem to have regained the momentum necessary to reach its former level of potency. Large transactions have peaked at 209 this week, but their numbers have been fluctuating instead of showing consistent growth.

In spite of this, SHIB’s price performance has not kept pace with the rise in transaction volume. Although 1.27 trillion SHIB has been exchanged in the past day alone, the price of SHIB is still struggling. The chart shows a downward trend, with SHIB trading at about $0.00001767 at the moment. Despite increased activity, there are indications that there will not be an immediate recovery. 

There could be several factors influencing this situation, including the overall market sentiment and the high volume of significant trades, which points towards distribution rather than accumulation. As the asset is slightly above its 100 EMA (Exponential Moving Average), the support levels for SHIB are now crucial to consider.

The graph suggests that if Shiba Inu (SHIB) fails to maintain its position above $0.000017, it could potentially drop to approximately $0.00001630 as the next possible support level. If SHIB deviates from its current trend, there’s a possibility of a decline. The gap between price increase and transaction volume hints that on-chain activity may not be sufficient to drive SHIB back up to its previous peaks.

A large number of transactions suggests the network remains busy, yet it doesn’t necessarily mean the token is on an upward trend. Factors like broader market conditions and potential future demand for purchasing will likely impact Shiba Inu’s price direction over the coming weeks.

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2024-10-25 13:36