As a seasoned researcher who has witnessed the crypto market’s wild rollercoaster rides, I find myself intrigued by the recent spike in whale activity surrounding Shiba Inu (SHIB). The 258% surge in large transaction volumes within the last 24 hours is indeed eye-catching, but the minor price movement has left me puzzled.
The dog-oriented digital currency, Shiba Inu (SHIB), has noticed a substantial surge in whale activities, as large transactions have risen by an impressive 258% over the past 24 hours, based on information provided by IntoTheBlock.
The surge in action has sparked curiosity, causing the market to ponder about the possible triggers that could be fueling the growing appeal for large investors, or “whales.
Based on data from IntoTheBlock, there were massive transactions worth approximately 6.42 trillion SHIB tokens, which equates to around $175 million. Remarkably, this figure shows an increase of over 258% compared to the previous 24-hour period.
An increase in significant transaction numbers could indicate heightened activity from ‘whales’ – entities that make large trades, typically exceeding $100,000. These ‘whales’ are major stakeholders or institutional investors.
Although a significant rise in large transactions was observed, Shiba Inu‘s value experienced a small growth of 0.27%, reaching $0.000027 over the past 24 hours.
It’s clear that the surge in whale activities is considerable, but so far, this hasn’t led to a substantial price change. The slight price fluctuation occurring alongside heightened trading volumes might suggest a phase of consolidation. During consolidation, the market seems to be assimilating the increased activity before possibly making a more impactful move in the future.
What’s brewing?
An uptick in whale behavior may hint at upcoming significant market shifts or accumulation by major investors. These ‘whales’ might be strategically buying Shiba Inu (SHIB) coins at their current prices, anticipating a broader market surge. If this is the case, it could suggest a positive outlook on SHIB’s future prospects.
Shiba Inu has steadily declined since hitting resistance at $0.0000298 on Dec. 12.
If the price of SHIB experiences a turnaround, focus will shift towards a prolonged breach of the resistance at around $0.0000334. Once that’s achieved, it could trigger a new upward momentum for the SHIB price. However, before this happens, Shiba Inu needs to convincingly overcome the $0.00003 hurdle first.
If the downward price trend persists, Shiba Inu could potentially find support at the daily Simple Moving Average (SMA) 50 level, which is around $0.000025.
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2024-12-17 19:24