Shibacoin (SHIB) Rebounds on Whale Volume of 4.29 Trillion SHIB

Shiba Inu recently witnessed a surge in whale transactions to 4.29 trillion SHIB, hoping to rebound from the recent price drop.

As bearish pressure eases, multiple crypto assets are looking for ways to recover. In the case of Shiba Inu, the coin is observing a staggering increase in whale transactions across the board. Interestingly, the surge in whale transactions coincides with a rapid increase in large purchases.

While such large whale transactions could indicate a surge in buying or selling activity, further data confirms that the overall trend is generally bullish. Notably, on-chain data shows that on July 6, longs bought as much as 4.24 trillion SHIB. Meanwhile, shorts sold 4.18 trillion SHIB, resulting in an excess demand of 48.67 billion tokens.

The reduction in Shiba Inu reserves on exchanges has exacerbated the buying pressure. Notably, on July 1, Shiba Inu exchange reserves stood at 146.231 trillion coins. This number has since fallen to 143.714 trillion SHIB, indicating that investors have withdrawn 2.517 trillion SHIB from exchanges in July.

Interestingly, multiple analysts expect Shiba Inu to eventually reclaim its yearly high of $0.000045 in a recovery phase. Crypto Sheriff predicted last week that SHIB’s accumulation is nearing its end and will eventually rise to $0.000045. WebTrend Analytics also predicts a recovery to $0.000045.

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