- Shiba Inu whales are on the verge of waking up as transactional activity on large wallets seems to be surging and reaching almost 2 trillion.
- However, the lack of momentum in the market suggests that it is too early to celebrate, and those transfers might simply be tied to funds redistribution rather than anything significant for the price.
- Fresh data has emerged that more transactions are happening within the Shiba Inu network. For the last 24 hours, 147 large transactions have occurred, whose cumulative volume is valued at 1.9 trillion SHIB.
Shiba Inu whales are stirring, but what does it mean for the market? Discover the latest transactional activities and their potential implications.
Shiba Inu Whales: A Surge in Transactional Activity
Recent data indicates a significant increase in transactional activity among Shiba Inu (SHIB) whales. Over the past 24 hours, there have been 147 large transactions, with a cumulative volume of approximately 1.9 trillion SHIB. This surge follows a seven-day low of 82 transactions on May 19, 2024.
Analyzing the Surge
A sudden spike in large transactions could signify various underlying factors. One possibility is that major holders in the market are redistributing their assets. This movement might be related to internal wallet reorganizations, preparations for future market moves, or simple asset redistribution for liquidity purposes.
Market Sentiment and Price Movement
Despite the increased transactional activity, the overall market sentiment around Shiba Inu remains neutral. The price has shown no significant upward movement and remains close to $0.000024. The relative strength index (RSI) also indicates a lack of buying power, staying above the 50-point neutral level.
Potential Implications
The visibility of actions from large holders does not necessarily indicate a price increase. The market dynamics suggest that these large moves might represent circulating capital from existing holders rather than new investments. Consequently, the price effect has been minimal, and Shiba Inu remains within a tight horizontal range.
Conclusion
For Shiba Inu to experience a significant bull run, sustained buying pressure and overall market optimism are required. While indicators show signs of a potential bullish breakout, it is not imminent. Investors are closely watching support and resistance zones at $0.000022 and $0.000026, respectively, for any signs of market movement.
