According to U.Today, Shiba Inu's on-chain data has shown a significant increase in large transactions. The number of such transactions has risen from 82 to 341 in the last 24 hours, indicating a substantial increase in investor activity. The total volume of these large transactions is 5.7 trillion SHIB, reaching a seven-day high of 8.97 trillion SHIB on May 16, 2024.
Several factors could be contributing to this increased activity in large transactions. One possibility is that expectations of significant price action have led whales to reposition. Alternatively, it could be due to strategic portfolio adjustments, new partnerships, or unannounced ecosystem developments within the Shiba Inu project.
The Shiba Inu is currently trading within an uptrend channel pattern, with the current price level at approximately $0.00002550. The 50-day exponential moving average is supporting the price, and the 200-day exponential moving average is closing in below the current price, indicating a generally medium- to long-term bullish trend.
The Bollinger Bands are slightly expanding, suggesting that volatility is starting to increase and could soon lead to more substantial price moves. The Relative Strength Index stands at 54.79, indicating that SHIB has not been oversold or overbought, suggesting a potential upward move.
The surge in large transactions could be a result of whales having access to information and resources that regular traders do not, allowing them to position themselves in anticipation of market changes. This increase in SHIB activity could be seen as an indication of their confidence in potential future gains from investing in Shiba Inu.