According to U.Today, Shiba Inu (SHIB) has experienced a notable 7.77% increase in large transactions, suggesting potential future growth. This surge in transactions, totaling $1.25 billion over the past week for amounts exceeding $100,000, indicates significant interest from major investors. Such large transactions often signal an accumulation phase, where key players and whales increase their holdings in anticipation of a price rise.
Despite the positive on-chain signals, including a 0.24% increase in Net Network Growth, which points to a growing user base and transaction volume, not all indicators are bullish. The percentage of token holders currently profitable, as measured by the 'In the Money' metric, is at -13.70%, indicating that a substantial portion of investors are holding SHIB at a loss. This could lead to selling pressure if the price does not improve soon.
SHIB is currently trading at $0.00001745. Market sentiment remains mixed, with the Bid-Ask Volume Imbalance showing a -5.59% bearish signal, suggesting more selling interest than buying. Meanwhile, the Smart Price indicator remains neutral at -0.01%.
