According to U.Today, over 3.5 trillion Shiba Inu (SHIB) were transferred in the last 24 hours, marking a significant increase of more than 2.3 trillion since the previous period. This surge in activity comes in the wake of recent market volatility, triggered by the redistribution of funds by Mt.Gox. However, it has been reported that these funds will not be sold immediately, suggesting that the market should not be overly concerned.
The sudden rise in SHIB activity could be attributed to a portfolio rearrangement among large holders. Data from IntoTheBlock indicates a spike in large transactions, with 268 recorded in less than 24 hours. This is a significant increase from the low of 102 such transactions recorded on May 26, 2024. This heightened activity could suggest that whales are rearranging their portfolios, possibly in anticipation of a surge in market volatility.
Despite this flurry of activity, the price of SHIB has remained relatively stable, indicating that the market is not reacting dramatically to these large movements. The price currently stands at around $0.00002552, maintaining the same range it has been in recently.
The SHIB trading asset is currently hovering around a consolidation zone, just below the 50-day EMA and above the 100-day EMA. It is being tested with the 200-day EMA, which is providing a strong area of resistance. The RSI is around the 53 mark, indicating a neutral zone. The way in which investor whales are repositioning with SHIB suggests a high level of volatility and the potential for price movements, given that the market appears to have stabilized. Major buy-ins and outs by whales often precede a significant market move, which is something that should be monitored closely.