Shiba Inu transactions surged by 360%, what is the future trend?
Recently, SHIB's large-value transactions have surged by 360%, showing that the interest of large traders in $SHIB is gradually increasing. At the same time, the reduction in selling pressure also indicates that SHIB has the potential to continue rising.
Over the past week, SHIB's large-scale trading activity has increased significantly, attracting the attention of many investors. This whale activity has made SHIB one of the top cryptocurrencies with rising investment interest.
As of press time, SHIB was trading at $0.00001678. Although it fell slightly by 0.56%, traders were not discouraged. So, can SHIB maintain this momentum and break through the resistance?
Judging from on-chain indicators, the outlook is generally optimistic. Although the net growth of the network has declined slightly, the "In the Money" indicator is 1.75%, which means that some token holders are currently in profit, which is a short-term bullish signal. In addition, large transactions surged by 12.94%, indicating that whales still dominate SHIB market activity.
In terms of foreign exchange reserves, data showed that they fell by 0.41% last week, which means that selling pressure has eased. This usually means more investment accumulation and especially increased whale activity. The decline in foreign exchange reserves coincides with increased SHIB whale activity and may further support price gains.
Looking at SHIB's financing rate, as of October 1, 2024, SHIB's OI-weighted financing rate is 0.0097%, showing traders' bullish sentiment. A positive funding rate means more traders are going long in anticipation of higher prices.
