Shiba Inu whales now transfer 2.79 trillion SHIB tokens within the past 24 hours, after a period of declining engagement.
The dog-themed cryptocurrency Shiba Inu (SHIB) is experiencing a notable resurgence in whale activity, with large transaction volumes soaring by 41.39% in just the past 24 hours, according to data from IntoTheBlock.
This surge translates to an impressive total of 2.79 trillion SHIB, valued at approximately $76.48 million.
Large transactions are typically defined as transfers exceeding $100,000, which often involve institutional investors or significant holders.
This recent uptick in whale transactions could indicate that these major players are re-entering the market, potentially positioning themselves for significant price movements in SHIB.
Despite this spike, Shiba Inu has faced challenges recently, with overall trading activity declining.
In the last 24 hours, trading volume dropped by 18.25% to $679.45 million, as reported by CoinMarketCap.
Notably, whale transaction volumes had also decreased dramatically, falling from 18.85 trillion SHIB on December 10 to just 1.9 trillion by December 13.
This recent surge in whale activity may reflect a shift in market sentiment, suggesting that large holders might be accumulating SHIB at discounted prices as the broader cryptocurrency market experiences profit-taking.
In fact, the market saw nearly $252 million in liquidations within a single day, exacerbating the downward trend for many cryptocurrencies, including SHIB.
As of the latest data, SHIB’s price has dropped by 3.49% over the last 24 hours, settling at $0.00002736, marking a 14% decline for the week.
While the increase in whale activity could be seen as a positive sign, it does not guarantee immediate price gains.
For SHIB’s price to recover, positive investor sentiment and a broader rally in the cryptocurrency market will likely be crucial.
Currently, SHIB faces critical resistance around the $0.00003 mark.
If it can break through this barrier, there is potential for the price to rise to $0.000033, and possibly even to $0.000039 or $0.000046.
Conversely, if SHIB falls below the 50-day simple moving average of $0.0000246, bearish momentum could take hold.
The relative strength index (RSI) is hovering at the midpoint, suggesting that SHIB may continue to trade within a range in the near term.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
About The Author
Leave your thoughts below
Read Daily Market News – https://franknez.com/ for more news and updates like this