According to U.Today, Shiba Inu whales, or large holders of the SHIB token, are showing signs of renewed activity. This comes after a period of decline in the token's performance on the market. The on-chain data for SHIB indicates that there have been 47 significant transactions in the last day, suggesting that these major holders are becoming more active. This is a notable increase from the previous decline in large transactions, which had peaked at 47 on June 29.
In terms of transaction volume, SHIB recorded a staggering 947.8 billion tokens moved in a single day. This surge follows a seven-day peak of 6.24 trillion SHIB on June 24. The sharp increase in volume suggests that large holders may be either increasing or distributing their holdings. This is in contrast to the more modest values seen in whale-tier transactions last week.
Despite the increased activity on the chain, the price of SHIB has remained relatively stable, currently hovering around $0.00001709. The chart indicates that SHIB has been struggling to maintain its upward momentum. To indicate a bullish trend reversal, SHIB would need to break through resistance levels represented by the 26-day, 50-day, and 200-day EMAs.
The market sentiment towards SHIB is mixed. The Bulls and Bears indicator shows a nearly even battle between buyers and sellers, with a slight advantage to the bears. This suggests that the market remains cautious about SHIB's short-term performance and is unlikely to turn into buying in the foreseeable future.