Massive 5.7 Trillion Shiba Inu (SHIB) in 24 Hours: What's Happening?
It is clear that the Shiba Inu is seeing an increase in transaction activity in the current market, but there is still a problem.
According to Shiba Inu's on-chain data, recorded large transactions rose to 341 in the past 24 hours from 82 transactions at the lowest level during the week, which means a significant increase in the number of investors. The total volume of these large transactions amounts to 5.7 trillion shekels, after reaching a seven-day high of 8.97 trillion shekels on May 16, 2024.
There are several reasons why this increased activity occurs in large transactions. Expectations of some major price movements may have caused the whales to change their positions. Otherwise, there could be strategic portfolio adjustments, new partnerships or ecosystem developments within the Shiba Inu Project that have not yet been announced.
According to SHIB price chart, the Shiba Inu is trading within an uptrend channel pattern, with the current price level at around $0.00002550. The 50-day EMA is supporting the price, and the 200-day EMA is closing below the current price, indicating an overall medium to long-term uptrend.
