According to U.Today, whale trading volumes for Shiba Inu (SHIB) surged significantly recently as the market experienced high volatility and uncertainty. Nearly 10 trillion SHIB were transacted during this turbulent period, with around 1 trillion SHIB moved in the last day alone. As the market stabilizes, transaction volumes are returning to more normal levels.
The sharp spike in whale activity suggests that large investors were responding forcefully to the turmoil in the global financial system, possibly rearranging their portfolios or selling assets to reduce risk. This abrupt increase in transactions highlighted Shiba Inu's speculative nature, as the cryptocurrency is often perceived as extremely volatile and driven more by market sentiment than intrinsic value.
As the market stabilizes, Shiba Inu transaction volumes have dropped dramatically, indicating that the spike in activity was not a long-term trend but rather an immediate response to the crash. The normalization of transaction volume could signify a consolidation phase, during which investors reevaluate their holdings and prices level off. Despite the return to normalcy, Shiba Inu's recent price actions continue to reflect underlying uncertainty and a lack of strong buying interest.
The market has only somewhat recovered, bouncing off the $0.000010 support level but failing to demonstrate a discernible upward trend. The 200 EMA ($0.000018), 100 EMA ($0.000015), and 50 EMA ($0.000015) remain significant obstacles that SHIB must clear to indicate a strong rebound. The decline in transaction volume also suggests a broader market trend where investors may be hesitant to make significant moves until more favorable conditions arise. In the near term, this cautious strategy might cause SHIB and other similar altcoins to see muted price movements.
