Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?

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As a seasoned analyst with years of market observation under my belt, I find myself intrigued by the recent developments in Shiba Inu (SHIB). The drop in large transaction volume and trading activity, as well as the price decrease, suggest a cautious sentiment among investors. This could be a temporary lull, a pause for breath before the next big move.

For the last day, there’s been a noticeable decrease in large transactions related to Shiba Inu cryptocurrency (SHIB), which is often associated with whale activity. This decline has raised curiosity about the factors that could be causing this sluggishness.

Over the past day, I’ve observed a significant decrease in large Shiba Inu transactions, specifically those exceeding $100,000, based on the latest data from IntoTheBlock. This drop has been a substantial 76.21%, leaving behind only about 1.9 trillion SHIB, which translates to an estimated value of roughly $54.1 million.

For a 24-hour span, the price of Shiba Inu has decreased by 2.05%, currently standing at approximately $0.00002744. Moreover, according to CoinMarketCap data, its trading volume has reduced by 9.05% to around $854 million. The substantial decrease in large transactions and market activity may be indicative of a cautious outlook among investors, potentially due to profit-taking.

On Wednesday, the cryptocurrency market experienced a rebound during trading hours, and Shiba Inu didn’t miss this upturn. Initially, Shiba Inu dropped for two consecutive days at the start of the week, reaching an all-time low of $0.0000242 on Tuesday, but then bounced back.

As an analyst, I’m observing that SHIB’s dip in price and trading volume could indicate a consolidation period after its notable surge, which peaked at $0.0000334 on December 8th. The potential decrease in large transactions might be due to traders and investors pausing substantial trades as they wait for more favorable market conditions before making significant moves.

Lately, changes in prices might be causing short-term investors to secure their gains, which could result in a brief decrease in significant trading activity.

SHIB price action

On December 12th, the upward surge of Shiba Inu’s price temporarily halted around the $0.000030 mark, suggesting that sellers are actively disposing of their holdings during market uptrends.

The Relative Strength Index (RSI) is now in the middle, signaling an equilibrium between buyers and sellers. As such, Shiba Inu’s price may continue to fluctuate within the range set by its 50-day Simple Moving Average ($0.0000244) as a support level and the resistance level above it at $0.00003344.

If buyers increase the price beyond $0.00003344, Shiba Inu could potentially rise to $0.000039 and even up to $0.000046. However, if the price of SHIB drops below its 50-day Simple Moving Average (SMA), the advantage would then lean towards the sellers or bears.

It’s anticipated that confidence could potentially strengthen if the U.S. Federal Reserve lowers interest rates during its December 18th meeting. Conversely, should prices continue to drop, a potential support level is seen close to the daily Simple Moving Average (SMA) 50 at approximately $0.0000244.

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2024-12-14 18:35