Shiba Inu (SHIB) Sees a Staggering 5.7 Trillion Surge in 24 Hours: What’s the Buzz?
Based on-chain data for Shiba Inu, the number of large transactions has surged to 341 in the last 24 hours from a low of 82 transactions earlier in the week. This uptick suggests a significant increase in investor activity. The total value of these large transactions stands at 5.7 trillion SHIB, down from the seven-day high of 8.97 trillion SHIB on May 16, 2024.
Several factors may be driving this surge in large transactions. It could be due to expectations of major price movements prompting large investors to adjust their positions. Additionally, strategic portfolio adjustments, new partnerships, or upcoming developments within the Shiba Inu project may also be contributing to this increased activity.
Read Also: LUNANAUTS Validator: Stake Your LUNC and Earn Rewards with Low Fees
In terms of price action, Shiba Inu is currently trading within an uptrend channel pattern, with the current price level around $0.00002550. The 50-day exponential moving average is providing support, while the 200-day exponential moving average is approaching from below, indicating a generally medium- to long-term bullish trend.
SHIB/USDT Chart by TradingView
The Bollinger Bands are slightly expanding, signalling a potential increase in volatility that could lead to more significant price movements in the near future. The Relative Strength Index stands at 54.79, indicating that SHIB is neither oversold nor overbought, suggesting the possibility of an upward move. The surge in large transfers could be attributed to whales leveraging information and resources not available to regular traders, positioning themselves in anticipation of market changes. This increased activity in SHIB reflects their confidence in the potential future gains from investing in Shiba Inu.
Follow us on Twitter, Facebook, Telegram, and Google News.
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
