According to U.Today, Shiba Inu, the dog-themed cryptocurrency, has reported a significant transaction volume of 1.25 trillion SHIB, indicating substantial activity by whales and institutional players. However, this figure represents a 16% decline in large transaction volume over the past 24 hours. This decline has been ongoing since August 5, when the volume peaked at 9.02 trillion SHIB. A decrease in large transaction volume typically signals reduced activity among major holders.
The recent 16% drop suggests that Shiba Inu's large holders might be in a holding pattern, awaiting clearer market signals before making further moves. This behavior is common during periods of market uncertainty or when the market is at a critical juncture, such as before a potential breakout or breakdown in price. As the market anticipates Shiba Inu's next significant move, these whales might be holding their positions, waiting for the right moment to capitalize on a price surge or minimize losses in the event of a downturn. This anticipation can lead to a period of reduced activity, as evidenced by the recent decline in large transaction volume.
Shiba Inu began to recover from a low of $0.0000107 on August 5, following nine consecutive days of decline. The rebound reached highs of $0.0000144 on August 8 before slightly retreating. At the time of writing, SHIB was down 0.15% in the last 24 hours to $0.000014 and down 5.12% over the past seven days. If the current rebound sustains, Shiba Inu may target its daily moving averages of 50 and 200, which are $0.00000164 and $0.0000203, respectively. Bears are likely to defend these key levels, as a break and close above them could pave the way for a rise to $0.000020 and ultimately $0.00003. Conversely, if the SHIB price falls from its current level, it may indicate that sentiment remains negative and traders are selling on rallies. The bears might aim to drive the SHIB price down to $0.000010.
