As whales are experiencing a significant resurgence on the cryptocurrency market, Shiba Inu is starting to show some serious strength again. More than 1.3 trillion SHIB tokens have been transacted in the last day, indicating a spike in large transactions and whale activity.
Some insights into this abrupt spike in activity can be found in the on-chain data. Based on the data provided, there were 42 large transactions in the last 24 hours, with a seven-day high of 55 transactions on July 25, 2024. July 28, 2024 marked the seven-day low, with 15 transactions. Large transactions are once again becoming common, which indicates that major players are returning to the game.
SHIB/USDT Chart by TradingView
Not only that, but a whopping 1.33 trillion SHIB was transacted in the last day alone. This amount is substantially higher than the seven -day low of 365. 69 billion SHIB on July 28, 2024, and it is near the seven-day high of 1.95 trillion SHIB recorded on July 29, 2024. This volume spike indicates that significant holders are becoming more confident and active.
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The technical chart indicates that SHIB has been declining, but it has recently begun to stabilize. If the whale activity persists, the price may bottom out and reverse, as it is currently trading near the $0.000016 mark. The bullish outlook is further supported by the token summary. At the current price, roughly 48% of SHIB holders are profitable, 47% are not profitable and 5% are barely breaking even.
Major players hold a substantial portion of SHIB, as evidenced by the 73% concentration of large holders. Furthermore, the majority of the on-chain signals are bullish, with markers like net network expansion and significant transactions indicating favorable trends.
Further pointing to bullish sentiment are the exchange signals. With a bid-ask volume imbalance of 10.31%, there appears to be significant buying interest. However, it might not be enough to move the price.
