1.9 Trillion Shiba Inus Traded in Just One Day: The SHIB Whale May Finally Be Making a Comeback With nearly 1.9 trillion SHIB transferred in the past 24 hours, there has been a surge in large whale trades involving Shiba Inus.
This may indicate a shift in market perception of SHIB as large holders become increasingly interested in the token. According to the data provided, there have been 98 large transactions in the past day with a seven-day high of 100 transactions on September 4, 2024.
Whale activity has increased significantly, which could indicate that the token is gaining traction once again. Large whale transactions have historically been known to both indicate price volatility and increase volatility. It is also worth noting that there are a lot of transactions.
Within a day, 1.95 trillion SHIB was moved, and on September 4, the seven-day high reached 2.65 trillion SHIB. This level of movement suggests that after a relatively quiet period, on-chain activity of SHIB is starting to pick up pace.
Such behavior could be a sign of accumulation or preparation for upcoming liquidity events. SHIB continues to trade below the 50, 100, and 200 EMAs, important moving averages that have been trending down recently, according to the price chart. However, SHIB could be about to experience a reversal, given the increase in large transactions and on-chain volume.
A recovery could be further supported by the fact that SHIB is in oversold territory as indicated by the relative strength index (RSI), which is currently hovering around 43. In short, the increase in significant transactions suggests that SHIB whales are starting to act again. Increased price volatility and bullish momentum could be the result of this trend if it continues. The best option here is to monitor the activity on whale wallets and act accordingly.
DYOR! #Write2Win #Write&Earn $SHIB
