Breaking update: Whales Returning? 2 Trillion Shiba Inu (SHIB) Transacted in Last 24 Hours
Shiba Inu whales appear to be stirring, with large wallet transactions surging to nearly 2 trillion SHIB. Despite this spike, market momentum remains subdued, suggesting these transfers might be related to fund redistribution rather than price-altering activities.
In the last 24 hours, 147 large transactions totaling 1.9 trillion SHIB were recorded, a significant rise from the seven-day low of 82 transactions on May 19, 2024. This increase in activity highlights a notable shift within the Shiba Inu network.
Examining the Surge
The spike in large transactions could indicate several possibilities. Large holders might be redistributing assets for internal wallet reorganizations or preparing for future market moves. This activity has boosted transaction volume, but market sentiment around SHIB remains neutral. Prices have stayed around $0.000024, and the relative strength index reflects a lack of buying power, staying above the 50-point neutral level.
Possible Implications
Visible whale activity does not necessarily indicate a price increase. These large transactions likely involve circulating existing capital rather than new investments, resulting in minimal price impact and keeping SHIB within a narrow range.
For SHIB to experience a bull run, sustained buying pressure and market optimism are required. Indicators suggest a potential bullish breakout, but it's not imminent. Investors are closely watching support and resistance levels at $0.000022 and $0.000026 for significant market movements. $SHIB
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