Shiba Inu Whales Reactivate, Trading 947.8 Billion Tokens in a Day, Indicating Fresh Market Interest

The Shiba Inu whales' activity may eventually return to normal following the decline and the SHIB token's poor market performance.

Shiba Inu (SHIB) has seen a remarkable surge in whale activity, with a massive 947.8 billion tokens being traded in a single day. This increase in transactions signals renewed interest from major holders, despite the token's recent market performance.

As the dust settles from SHIB's token burn event and the token's less-than-stellar market performance, key metrics are shifting rapidly. According to U.Today, keeping a close watch on SHIB's on-chain data is crucial to staying ahead of any potential market movements.

Major transactions involving SHIB have seen a significant decrease, reaching a low of 47 on June 29. However, this activity is now showing signs of picking up again. In the past day, 47 large transactions have taken place in SHIB, indicating increased activity among major holders.

The SHIB token has seen a massive surge in transaction volume, with 947.8 billion tokens being traded. This follows a seven-day high of 6.24 trillion SHIB being moved on June 24. As these large transactions continue to occur, it could signal either an accumulation or distribution of holdings by large holders, a factor that will play a key role in determining the token's future price movements. Notably, transactions in the whale tier were valued lower last week.

Chart: TradingView

Shiba Inu (SHIB) Price Stability Persists Amid Increased Activity, Facing Key Resistance Levels

The price of SHIB has not seen any significant movements, despite the increased activity on the chain. As per the chart, SHIB's attempts to rally have been met with resistance, with the price currently trading around $0.00001709.

For SHIB to Signal a Bullish Trend Reversal, It Must Overcome Resistance Levels

The 26-day, 50-day, and 200-day EMAs serve as crucial resistance points that SHIB must conquer to fully signal a bullish trend reversal. While the market sentiment towards SHIB is largely bearish, there is a glimmer of hope for a bullish trend reversal, which could bring some optimism to the table.

The Bulls and Bears indicator showcases a balanced conflict between buyers and sellers, with a slight edge towards the bears. This caution in the market about SHIB's short-term performance is a crucial factor to be aware of, as it suggests that a shift to purchasing interest is unlikely in the short term.

The above is the detailed content of Shiba Inu Whales Reactivate, Trading 947.8 Billion Tokens in a Day, Indicating Fresh Market Interest. For more information, please follow other related articles on the PHP Chinese website!