According to U.Today, the Shiba Inu network has seen a resurgence in activity, particularly among large-scale investors, also known as 'whales'. After a period of lackluster performance, the network has witnessed a significant increase in the number of large transactions. Over the past 24 hours, the number of such transactions has risen to 153, a substantial increase from the seven-day low of 101.
This surge in activity indicates a renewed interest among the market's major players. These whales have been moving significant amounts of Shiba Inu, suggesting potential phases of accumulation or strategic positioning. In a 24-hour period, more than 7.53 trillion Shiba Inu were transacted.
This increased activity and liquidity mark a significant recovery from the seven-day low of 1.36 trillion Shiba Inu. This resurgence was expected after the market reached a seven-day high of 161 trillion Shiba Inu on June 5. However, the volume of transactions today indicates that key players are still actively involved in the market.
Shiba Inu is currently trading slightly below its 100 EMA at about $0.000022. The recent price action suggests that the cryptocurrency is struggling to maintain important support levels. The increase in large transactions could be a sign of future increases. If the whales continue to accumulate, Shiba Inu may break through current resistance levels and aim for higher targets.