Shiba Inu whale activity may finally return to reasonable levels after the decline we have witnessed, followed by the poor performance of the SHIB token in the market. Things are moving fast, and you should not stop monitoring SHIB data on the network.
SHIB has seen 47 significant transactions in the last day, suggesting that large holders are becoming more active. This follows a noticeable decline in large transactions, which peaked at 47 on June 29. The recent activity is a notable return, suggesting that whales are showing signs of renewed interest.
SHIB saw a staggering 947.8 billion tokens moved in a single day in terms of transaction volume. This spike comes after a seven-day peak of 6.24 trillion SHIB on June 24. Large holders may be increasing or distributing their holdings, as indicated by the sharp increase in volume. Last week saw more modest numbers in terms of whale-level transactions.
SHIB price hasn’t changed much despite the increased activity on the chain. At the current price of around $0.00001709, the chart shows that SHIB is struggling to maintain its upward momentum.
To indicate a bullish trend reversal, SHIB must break through the resistance levels represented by the 26-day, 50-day and 200-day EMA. The market is generally mixed on SHIB.
The Bulls and Bears indicator shows a battle between buyers and sellers that is almost equal with a slight advantage for the bears. This suggests that the market as a whole remains cautious about the short-term performance of SHIB and is unlikely to move to buying in the foreseeable future.
