According to U.Today, Shiba Inu's on-chain data has revealed a significant increase in whale-tier transactions, with a nearly 7% rise in the past 24 hours. The volume of SHIB transactions has surpassed $8 trillion, indicating a more active network than the previous week. Large transactions, valued over $100,000, have seen a substantial increase, with 140 such transactions recorded in the last day. This suggests a renewed interest and potentially strategic actions by major investors, also known as whales. This is a stark contrast to the seven-day low of 99 transactions, indicating a shift in market dynamics.
It is speculated that whales may be accumulating SHIB in anticipation of future price changes. This could be a strategic move to secure a large holding of the token while the values are perceived to be favorable. Large volume purchases could be a result of growing interest from institutional investors who are beginning to recognize the potential in Shiba Inu.
The increased activity could also be due to announcements or upcoming developments related to Shiba Inu and Shibarium. This includes news about new initiatives, partnerships, and technological advancements within the SHIB ecosystem. Increased interest is typically signaled by a rise in large transactions and trading volume, which can lead to significant price fluctuations.
From a technical analysis perspective, Shiba Inu is currently consolidating around its major support levels. SHIB seems to be holding steady, as indicated by the 50-day and 100-day moving averages. However, the surge in transaction volume could push the token to test new resistance levels. Overall, the current lack of volatility is a larger issue for SHIB and could potentially lead to suppressed performance rather than growth.