Shiba Inu (SHIB), the dog-inspired coin ๐โ๐ฆบ, has seen significant shifts in trading activity over the past 24 hours โณ, as whales ๐ and retail investors ๐ผ have intersected.
Whale movements and individual investor activity
According to data from IntoTheBlock, whale transactions have seen a 20.73% decrease ๐, indicating a slowdown in their activity in the Shiba Inu market. This decrease equates to $121.29 million worth of transactions ๐ต or about 4.78 trillion SHIB tokens ๐ .
Despite this decline, SHIBโs price rose by 13% ๐ during the same period, reflecting renewed interest from traders ๐ฅ. Meanwhile, total trading volume jumped by 92% ๐ to $3.19 billion ๐ฆ, according to CoinMarketCap. This indicates that retail investors ๐ are dominating the market while the role of whales ๐ฌ is shrinking.
Market Impact on Shiba Inu Price
The surge in market interest ๐ has sent the price of Shiba Inu soaring to $0.00002759 ๐ฐ, reinforcing a positive sentiment despite the decline in whale activity. This rise reflects growing confidence ๐ among retail investors looking to profit from the currencyโs short-term volatility โฑ๏ธ.
A look at the price action
On November 21 ๐ , Shiba Inu bounced off a low of $0.000023 ๐ข, indicating strong buying by bulls ๐ on dips. So far, the coin has continued to gain for the third consecutive day ๐.
At the time of writing, SHIB was trading at $0.00002768 ๐ก after hitting a daily high of $0.00002816 ๐บ.
If buyers manage to break above the current resistance level at $0.0000281 ๐, the coin could rise to $0.000029, which would complete the inverse head and shoulders pattern โป๏ธ, a strong bullish indicator. In this case, Shiba Inu could see a rise to $0.000039 and then $0.000047 โจ.
Conversely, if the price drops below $0.000023 โ, it could indicate bear control ๐ป, which could lead to a decline towards the 50-day SMA at $0.000020 ๐ป.
Frequently Asked Questions
What are the latest changes in Shiba Inu trading?
Whale activity decreased by 20.73% while overall trading volume increased by 92% due to increased participation from retail investors ๐.
How has Shiba Inu price reacted to these changes?
SHIB price is up 13% in the past 24 hours thanks to increased interest from retail traders ๐๏ธ.
What is the next Shiba Inu price prediction?
If the price breaks the current resistance levels ๐, we may see a rise to $0.000047. If the price breaks below $0.000023, it may experience an additional decline ๐.
Conclusion
Recent data shows that the Shiba Inu market is undergoing a remarkable transformation โก as retail investors fill the void left by whales. With the continuous rise in trading volume and price ๐, new opportunities for growth ๐ฑ emerge, but they also come with the risk of high volatility ๐.
