Shiba Inu saw a substantial surge in the 24 hours large transactions volume. The increase in that metric is a direct sign of a growing number of whales on the market. The most likely outcome here would be the growth of volatility of the asset. Considering the bullish state of the market, the likeliness of uptrend increases.

Data from IntoTheBlock indicates that on July 8, 2024, Shiba Inu's massive transaction volume surged to 5.71 trillion SHIB. This notable increase indicates that large holders have been active more recently. These kinds of movements usually point to a strategic distribution or accumulation, which increases market interest and volatility.

SHIB/USDT Chart by TradingView

By looking at the daily SHIB/USDT chart, it can be seen that Shiba Inu is currently recovering from recent lows trading at $0.00001745. As it approaches the next resistance at the 100 EMA, the asset has passed the 50 EMA at $0.00001750. A bullish trend could be confirmed and SHIB could move toward higher targets if a successful breach occurs above these levels.

Furthermore, the relative strength index, which is currently at 49, indicates a neutral position with possible room for additional upward movement. An increase in trading volume adds to the bullish outlook. Growing confidence in the asset's future performance is reflected in the increased participation from large investors, which frequently comes before major price movements.

Shiba Inu also benefits from the general state of the market. The general attitude in the cryptocurrency market is bullish as major cryptocurrencies like Bitcoin are performing well. This favorable atmosphere might give SHIB the extra push it needs to keep moving up the chart.