In just one day, 1.9 trillion Shiba Inu were transacted: SHIB whales might finally be returning. With almost 1.9 trillion SHIB transferred in the last 24 hours, big whale transactions involving Shiba Inu have experienced a surge.
It is possible that it indicates a change in the market's perception of SHIB as major holders are becoming more interested in the token. According to the data provided, there have been 98 large transactions in the last day with a seven-day high of 100 transactions on Sept. 4, 2024.
SHIB/USDT Chart by TradingView
Whale activity has increased significantly, which might suggest that the token is once again gaining traction. Large transactions by whales have historically been known to both indicate possible price movements and increase volatility. It is also noteworthy that there are a lot of transactions.
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Within a day, 1.95 trillion SHIB was moved, and on Sept. 4, the seven-day high reached 2.65 trillion SHIB. This degree of movement indicates that following a period of relative quiet, SHIB's on-chain activity is beginning to pick up steam.
Such behavior may be a sign of accumulation or of getting ready for impending liquidity events. SHIB continues to trade below the 50, 100 and 200 EMAs, important moving averages indicating a recent downward trend, according to the price chart. SHIB may be about to undergo a reversal though, given the rise in big transactions and on-chain volume.
A possible bounce may be further supported by the fact that SHIB is in the oversold zone as indicated by the relative strength index (RSI), which is currently circling 43. In summary, the increase in significant transactions indicates that SHIB whales are beginning to act once more. Increased price volatility and possible upward momentum could result from this trend if it persists. The best bet here would be to monitor the activity on whales' wallets and act from there.
