Shiba Inu It recently experienced a notable increase in whale-level transactions, suggesting a possible increase in volatility. However, given the current state of SHIB, these large transactions may not produce the significant impact that many expect.
Shiba Inu It recently experienced a notable increase in whale-level transactions, suggesting a possible increase in volatility. However, given the current state of SHIB, these large transactions may not produce the significant impact that many expect.
By analyzing the data provided on-chain, we see that in the last 24 hours, there have been 82 large SHIB transactions, totaling 1.7 trillion SHIB. This aligns with last week’s lower level of activity, highlighting a potential lack of sustained buying interest. This trend is further reflected in the transaction volume, which reached $40.48 million, considerably less than the seven-day high of $223.76 million seen earlier in the week.
SHIB has been hovering around the 50 EMA, struggling to break through. Bollinger Bands indicate a narrowing, typically a precursor to a volatility spike, but without substantial volume, this may not materialize into a significant price move. The MACD histogram is showing a downward trend, indicating a weakening of the bullish momentum.
Godfrey BenjaminThe whale transactions, while substantial, could represent internal mixing or consolidation rather than genuine market interest. This is evident by the relatively flat price movement despite high trading volumes. For SHIB to experience a substantial price increase, constant buying pressure and increased trading volume are necessary, both of which are currently lacking.
While the increase in whale transactions may initially appear to be a bullish indicator, the underlying data suggests that Shiba Inu is currently in a consolidation phase. Without a significant influx of new buyers or increased trading activity, SHIB could continue to trade sideways. For now, Shiba Inu really needs new entries, rather than the activity of the big players who have been there before.
