Shiba Inu (SHIB) Whales Reactivate, Trading 947.8 Billion Tokens in a Day, Indicating Fresh Market Interest
- WBOYOriginal
- 2024-07-01 11:34:25454browse
The Shiba Inu whales' activity may eventually return to normal following the decline and the SHIB token's poor market performance.
Shiba Inu (SHIB) price has shown resilience amid a recent downturn in the cryptocurrency market, and the token's whales have remained largely inactive. However, a recent surge in SHIB whale activity suggests a potential shift in the market.
Shiba Inu Whales Trade 947.8 Billion Tokens in a Day, Signaling Fresh Market Interest According to on-chain data, 47 major transactions have been recorded in the past day, indicating increased activity by large holders. This comes after a decline in the number of important transactions, which reached a low of 28 on June 22. The recent activity marks a significant resurgence, with whales showing renewed interest in the meme token.
A striking observation is the seven-fold decrease in the average transaction size for SHIB whales. While the whales traded 947.8 billion tokens on Friday, this volume was handled in 47 transactions, leading to an average transaction size of 20.1 billion SHIB. In contrast, the average transaction size was 143.3 billion SHIB on June 24, when the whales moved a total of 6.24 trillion SHIB.
SHIB has recorded a substantial surge in transaction volume, with 947.8 billion tokens changing hands in a single day. This marks a significant increase, considering that the seven-day high for SHIB transactions stands at 6.24 trillion SHIB, which was recorded on June 24. The latest surge in volume suggests a potential shift in the behavior of large holders, as they may be either increasing or distributing their holdings, which could have a strong impact on the market. Last week, transactions of the whale tier were seen at a lower level.
Shiba Inu (SHIB) Price Chart Pointing Towards Bullish Trend Reversal From Key Resistance Levels
Despite the increased activity on the chain, the price of SHIB has not seen any major fluctuations. The chart shows that SHIB has struggled to continue its upward trajectory, with the cost currently situated at $0.00001709.
For SHIB to signal a bullish trend reversal, it must overcome the resistance levels represented by the 26-day, 50-day, and 200-day EMAs. These lines, currently at $0.00001886, $0.00001966, and $0.00002086, respectively, have been presenting significant hurdles to the token's price appreciation.
The market sentiment towards SHIB is currently mixed, with some traders anticipating a bullish trend reversal and others expecting the bear market to continue. The potential for a bullish trend reversal offers a significant ray of hope and optimism for the future.
The Bulls and Bears indicator reveals a balanced conflict between buyers and sellers, with a slight advantage for 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 to manifest in the short term.
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