As a seasoned crypto investor with scars from more than a few market rollercoasters, I’ve learned to read between the lines when it comes to whale activity. The 41% surge in large SHIB transactions might be a promising sign, but it doesn’t guarantee green candles on my charts just yet.
There’s been a resurgence in significant transactions involving the digital currency Shiba Inu (SHIB), as large-scale activities have increased by 41.39% over the past day, based on data from IntoTheBlock.
This peak indicates a grand sum of approximately 2.79 trillion SHIB, equivalent to around $76.48 million in cash terms, suggesting increased attention from significant investors following several days of reduced engagement.
Transactions of a substantial size are labeled as those exceeding $100,000 and are typically associated with institutional investors or big-time traders known as “whales.” The recent rise could indicate that these big players might be making a comeback to the market, possibly preparing for major price fluctuations in SHIB.
Recently, Shiba Inu’s performance has been underwhelming, marked by reduced large-scale transactions and decreased overall trading engagement.
Over the past day, the trading volume of Shiba Inu decreased by approximately 18.25% to reach around $679.45 million, as reported by CoinMarketCap. On the other hand, data from IntoTheBlock indicates that the large transaction volume of Shiba Inu has been on a downtrend since December 10th, falling from approximately 18.85 trillion SHIB to about 1.9 trillion SHIB on December 13th.
A significant 41% increase in whale transactions could suggest a potential change in opinion; it’s possible that these large investors are buying Shiba Inu (SHIB) at reduced prices, given the current cryptocurrency market is experiencing profit-taking.
In the past day, a total of approximately $252 million worth of crypto-backed futures were liquidated as the market downturn gained momentum during the initial hours of Sunday’s trading. A vast majority of digital currencies such as SHIB experienced losses and traded at lower prices.
Will prices follow?
Currently, Shiba Inu (SHIB) has decreased by 3.49% over the past 24 hours, with its value standing at approximately 0.00002736 USD. On a weekly basis, SHIB has seen a drop of about 14%.
A rise in whale activity could appear beneficial, but it doesn’t necessarily lead to an instant price jump for SHIB. Instead, the mood of investors and a wider market uptrend may play crucial roles in determining its price movement.
If Shiba Inu manages to surge past its significant resistance points, it could lead to an upward trend. However, for now, the price of Shiba Inu has stayed relatively stable. On December 12th, Shiba Inu faced resistance around $0.00003, and if today ends in losses, it will mark three out of four days with a decrease in value.
Should SHIB manage to break through the $0.00003 mark, it could potentially surge past $0.000033. This could lead to further increases, possibly reaching $0.000039 and even $0.000046. However, if Shiba Inu dips below its 50-day Simple Moving Average (SMA) at $0.0000246, the bears might regain control. At present, the Relative Strength Index (RSI) is centered, suggesting that SHIB prices may fluctuate within a range in the near future.
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2024-12-15 16:07