As a seasoned crypto investor with battle-scarred fingers from numerous market swings, I find myself intrigued by the recent surge in Shiba Inu transactions. Having navigated through the wild west of cryptocurrency for years, I’ve learned to read between the lines of on-chain data like a fortune teller interpreting ancient runes.
There’s a good chance that Shiba Inu could soon exceed a transaction volume of six trillions SHIB, implying heightened activity and attention from substantial investors. The size and overall number of transactions can vary based on on-chain data, mirroring both active trading periods for SHIB and periods of reduced activity or stagnation. Data provider IntoTheBlock indicates that 114 large transactions amounting to 2.21 trillion SHIB were processed within the last 24 hours in Shiba Inu.
This figure is significantly higher than the seven-day low of 628. 55 billion SHIB but it is lower than the most recent seven-day high of 5.99 trillion SHIB. This fluctuation in transaction volume indicates that although whale activity is sporadic on SHIB, long-term accumulation by major holders has not yet reached its full potential.
It appears that the data reveals an interesting pattern where significant transactions tend to cluster at specific moments, like October 29, which saw 269 such transactions. It’s possible that ‘whales’ were attempting to prepare for a potential market recovery by amassing assets at lower price points during these peaks.
Currently, the trend doesn’t suggest a major breakout for Shiba Inu at $0.00001760. For it to trigger a sustained rally, Shiba Inu needs to surpass the resistance level at $0.00001850 – a hurdle it has often struggled to overcome. Interestingly, there appears to be a mismatch between price fluctuations and transaction volume. Despite significant spikes in large transactions, the price of SHIB has remained relatively steady.
It appears that despite large investors being active, they may not be actively buying or selling at this time; instead, they could be waiting for a stronger market indication before making their next move. If whale transactions approach or surpass the $6 trillion SHIB threshold, it could signal a push toward the next resistance level.
Over an extended period, Shiba Inu’s capacity to sustain higher trading volume will significantly impact its potential for recovery. The price level at $0.00001850 serves as a significant point of observation for investors, as surpassing this barrier might signal continued whale involvement, potentially leading to a more robust recovery.
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2024-11-05 15:37