As a seasoned researcher with a background in cryptocurrencies and a keen eye for market trends, I find myself intrigued by the recent surge in whale activity surrounding Shiba Inu (SHIB). With my years of experience in this dynamic field, I’ve learned to read between the lines of large transaction volumes and interpret them as signs of increased institutional interest.
Large transactions related to the dog-inspired cryptocurrency, Shiba Inu, have experienced a significant increase of 367%, suggesting heightened activity by major investors or “whales.
Based on information from IntoTheBlock, the large transaction volume of Shiba Inu was approximately $43.52 million, which is equivalent to 3.21 trillion SHIB in cryptocurrency terms. This figure represents a significant increase of 367%.
The overall value of transactions conducted by large-scale investors (whales and institutions) on a specific day is measured by Large Transaction Volume. A rise in Large Transaction Volume suggests heightened activity from these larger investors, which could be due to either purchasing or selling actions.
Large investors (whales) buying more Shiba Inu (SHIB) coins in large quantities (bullish whale activity) appears to be linked with a rise in the SHIB coin price. Over the past 24 hours, the price of SHIB has risen by 2.22%, further strengthening its upward trend.
SHIB price rebounds
After dipping to $0.00001231 on September 6th, Shiba Inu started a recovery phase that lasted for three consecutive days. This recovery peaked at $0.0000137 on September 9th. At the moment of this writing, Shiba Inu’s price had slightly dropped and was being traded at $0.0000134.
The improvement in Shiba Inu’s performance seems closely tied to the broader market’s recovery. After a rocky beginning in September, Bitcoin has been staging a notable rebound; its value dipped as low as $53,000 on last Friday.
Progress in the cryptocurrency sector is being made simultaneously with a rise in U.S. stock prices, which experienced a dip the previous week. On Monday, both the Nasdaq and S&P 500 saw an increase of 1.15%.
Historically, the prices of cryptocurrencies tend to be weaker during the month of September. However, there’s some positive news: traditionally, October and the last quarter of the year have shown a propensity for positive price movements.
Over the next few days, the market will keep a close watch on the developments of SHIB, given the bullish trend driven by whale activity. If the positive price trend continues, there is significant anticipation that SHIB’s price could surpass its daily Simple Moving Average (SMA) 50 and 200, which might trigger a rally towards $0.00003.
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2024-09-10 15:12