Shiba Inu saw another surge of activity in the market over the last 24 hours. Various entities, including whales and exchanges, have been actively moving their SHIB holdings, pushing the number of whale-tier transactions up. Here's a breakdown of these transactions and the potential reasons behind them.
Recent data highlights significant movement within the Shiba Inu ecosystem. For instance, a Robinhood hot wallet transferred 45.01 billion SHIB (valued at approximately $1.13 million) to another Robinhood wallet. Additionally, a Symbolic Capital Partners MEV Bot executed multiple transactions, each involving around 50 billion SHIB, with values ranging from $1.23 million to $1.26 million per transaction. Uniswap also saw notable volume, with transactions like 50.8 billion SHIB ($1.26 million) and 50.4 billion SHIB ($1.23 million) being recorded.
SHIB/USDT Chart by TradingView
This heightened activity correlates with the on-chain data, revealing that in the last 24 hours, there were 86 large transactions, totaling approximately 1.14 trillion SHIB. This surge marks a significant increase from the seven-day low of 14 transactions and the seven-day high of 378 transactions. Similarly, the volume of these large transactions reached 1.14 trillion SHIB in the past 24 hours, compared to the seven-day high of 9.6 trillion SHIB and the seven-day low of 415.2 billion SHIB.
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SHIB has been trading within a symmetrical triangle pattern, suggesting indecision in the market. The recent uptick in whale transactions and large transfer volumes may indicate an impending breakout or a significant price movement. However, SHIB's price has been relatively stable, fluctuating around the $0.00002450 mark, with resistance at $0.000025 and support at $0.00002234.
Considering the lack of volatility on the Shiba Inu market, the most likely reason behind those transfers is whales and institutional investors repositioning their portfolios, or exchanges might be preparing for upcoming market events.