As a seasoned crypto investor with battle-tested nerves and a knack for spotting trends, I find myself intrigued by the recent surge in large transactions involving Shiba Inu (SHIB). Whale activity is often a significant indicator of market movements, but the current bearish trend seems to be overshadowing these signals.
Based on information from IntoTheBlock, there’s been a significant 148% increase in large transactions involving Shiba Inu over the past day.
Transactions surpassing $100,000, typically referred to as ‘whale activities’, frequently point towards substantial buying or selling actions that could suggest a change in market dynamics.
In the past day, transactions involving Shiba Inu amounted to approximately $300.98 million, which is equivalent to around 11.61 trillion SHIB coins.
Lately, a significant increase in these types of deals indicates that big investors are showing an interest. Yet, the overall effect on SHIB’s price has been somewhat subdued, with selling forces appearing to control the market at present.
At present, the broader cryptocurrency sector is witnessing a retreat after a significant upward movement, resulting in a decrease for multiple digital assets. Over the past day, Bitcoin has dipped by 1.80%, currently valued at approximately $96,883. Numerous crypto assets are trading lower, with select ones like XRP and Dogecoin suffering losses of up to 13%. Notably, SHIB has slipped from the 12th to the 14th position in the cryptocurrency market ranking due to a decrease in its market value to $14.76 billion.
As I write this, Shiba Inu is going for $0.00002486, a decrease of 9.05% over the past 24 hours. Interestingly, there have been more significant whale transactions during this period. However, these active whale movements seem to contrast with the overall market mood, which appears to be remaining somewhat cautious.
It is possible that some whale investors could be cashing out following the rise in Shiba Inu’s price, which may contribute to a higher level of selling activity in the market.
SHIB price action
Starting from the low point of $0.000023 on November 21st, Shiba Inu saw a consecutive series of upward movements for three days straight, reaching its highest point of $0.00002816 on November 23rd. However, it then reversed course and dropped again.
As I pen this analysis, SHIB is currently exchanging hands at $0.00002494 – a significant dip from its intraday peak of $0.0000281 that was reached earlier today.
As an analyst, I’m suggesting that for the price to resume its upward trajectory, we need to surpass the current resistance at $0.0000281. Pushing beyond this level could potentially trigger a rise towards the significant $0.000029 mark. If we manage to break and close above $0.000029, it might ignite an uptrend that could reach $0.000039, and possibly extend further up to $0.000047.
However, should the price of SHIB drop and slip beneath $0.000023, it might suggest that the bears are back in control. The Shiba Inu token could potentially decrease down to its daily Simple Moving Average (SMA) at around $0.000020.
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2024-11-24 17:46