Shiba Inu (SHIB) on-chain transaction volume surges, future trends attract attention
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Despite recent price consolidation, Shiba Inu (SHIB) has shown significant growth in on-chain activity. According to on-chain analytics firm IntoTheBlock, the massive trading volume of SHIB soared by 238.58% in the past 24 hours, indicating strong interest from institutional and large investors in this highly watched meme coin.
The Development History and Advantages of SHIB
SHIB was launched in August 2020 as a tribute to Dogecoin, but its integration with the Ethereum blockchain has opened up a unique development path. The Ethereum ecosystem provides SHIB with high compatibility, enabling it to interact with decentralized exchanges (such as ShibaSwap), NFT platforms, and community governance systems.
Additionally, Vitalik Buterin's donation and burning initiatives have earned SHIB a reputation, making it a meme coin that does not solely rely on hype. Compared to other similar assets, SHIB's utility and adaptability have gradually become its core competitive advantages.
The Significance of the Surge in On-Chain Transaction Volume
The massive increase in SHIB's trading volume indicates heightened activity among large traders in the crypto market. Although the price has performed steadily recently, this surge in on-chain data may signal several scenarios:
Increased Institutional Interest: As market attention on meme coins rises, SHIB may become a target for large investors to reposition their portfolios.
Potential Volatility Precursors: A surge in trading volume often suggests that price may experience significant fluctuations, either upwards or downwards.
Technical Analysis and Market Outlook
According to CoinPedia's technical analysis, SHIB's daily chart displays a bearish inverted cup-and-handle price action pattern. This formation suggests that the price may face downward pressure. If SHIB breaks this pattern and falls below $0.0000258, it could potentially decline by 20% to $0.0000206 in the future.
Key Technical Indicators
RSI Indicator: 55
The current RSI indicates that SHIB has not yet entered the overbought region, suggesting that there is still room for price increase.
Support and Resistance Levels
Support Level: $0.0000258
Resistance Level: $0.0000275
Although SHIB's price is currently in a consolidation phase, a market shift may occur in the coming days.
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