According to U.Today, Shiba Inu experienced a significant increase in large transaction volume over the past 24 hours, indicating a growing presence of whales in the market. This surge is likely to result in increased volatility for the asset. Given the current bullish market conditions, the likelihood of an uptrend for Shiba Inu has increased. Data from IntoTheBlock shows that on July 8, 2024, Shiba Inu's large transaction volume soared to 5.71 trillion SHIB. This substantial rise suggests that large holders have been more active recently. Such movements typically signal strategic distribution or accumulation, which heightens market interest and volatility. Shiba Inu is currently recovering from recent lows, trading at $0.00001745. The asset has surpassed the 50 EMA at $0.00001750 and is approaching the next resistance at the 100 EMA. A successful breach above these levels could confirm a bullish trend and propel SHIB toward higher targets. The relative strength index (RSI) is at 49, indicating a neutral position with potential for further upward movement. Increased trading volume supports the bullish outlook. The growing confidence in Shiba Inu's future performance is reflected in the increased participation from large investors, often preceding major price movements. Shiba Inu also benefits from the overall bullish sentiment in the cryptocurrency market, as major cryptocurrencies like Bitcoin are performing well. This positive environment could provide SHIB with the additional momentum needed to continue its upward trajectory.
Shiba Inu Sees Surge In Large Transactions Volume
![](https://public.bnbstatic.com/image/pgc/202211/ff39a105a210ecd0a61407a69ad82dbd.jpg)
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