According Shiba Inu According to on-chain data, large transactions recorded have increased to 341 in the last 24 hours from 82 transactions at the week’s low, implying a large increase in investors. The total volume of these large transactions amounts to 5.7 trillion SHIB, having reached a seven-day high of 8.97 trillion SHIB on May 16, 2024.
According Shiba Inu According to on-chain data, large transactions recorded have increased to 341 in the last 24 hours from 82 transactions at the week’s low, implying a large increase in investors. The total volume of these large transactions amounts to 5.7 trillion SHIB, having reached a seven-day high of 8.97 trillion SHIB on May 16, 2024.
There are a few reasons why this increase in activity in large transactions may be occurring. Expectations about some major price action could have caused the whales to reposition. Aside from that, it could be strategic portfolio adjustments, new partnerships, or ecosystem developments within the Shiba Inu project that have yet to be announced.
According to the SHIB price chart, Shiba Inu is trading within an uptrend channel pattern, with the current price level at around $0.00002550. The 50-day exponential moving average is supporting the price, and the 200-day exponential moving average is approaching below the current price, indicating a generally medium to long-term uptrend.
Tomiwabold OlajideThe Bollinger Bands are expanding slightly, indicating that volatility is starting to increase and could soon lead to more substantial price movements. The Relative Strength Index stands at 54.79, which shows that SHIB has not been oversold or overbought, so there could be a possible bullish move.
One way or another, the most likely reason behind the increase lies in the impending increase in large transfers. Whales have the means to access information and resources that normal traders do not, thus positioning themselves in anticipation of changes in the market. In doing so, increased activity in SHIB can be taken as an indication of your confidence in potential future profits from investing money in Shiba Inu.
