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Sujit Kumar
May 23, 2024

Shiba Inu Sees Surge in Large Transactions: What's Driving the Activity?

Shiba Inu Sees Surge
Shiba Inu (SHIB) has experienced a notable increase in large transactions, rising from 82 at the week's low to 341 in the last 24 hours. This sharp uptick suggests a significant boost in investor activity. The total volume of these large transactions reached 5.7 trillion SHIB, peaking at a seven-day high of 8.97 trillion SHIB on May 16, 2024.

Potential Reasons for Increased Activity

Several factors could be driving this surge in large transactions. Whales might be repositioning their holdings in anticipation of major price action or making strategic portfolio adjustments. Additionally, there may be new partnerships or ecosystem developments within the Shiba Inu project that have yet to be announced, sparking interest among large investors.

Technical Analysis Supports Bullish Trend

The SHIB price chart shows the token trading within an uptrend channel pattern, currently priced around $0.00002550. The 50-day exponential moving average (EMA) is providing support, while the 200-day EMA is approaching below the current price, indicating a medium- to long-term bullish trend.

Bollinger Bands are expanding slightly, signaling increasing volatility that could lead to significant price movements soon. The Relative Strength Index (RSI) stands at 54.79, suggesting that SHIB is neither oversold nor overbought, and there is potential for an upward move.

Whale Activity as a Market Indicator

The rise in SHIB transactions can be interpreted as an indication of confidence among large investors, or whales. These entities often have access to information and resources that are not available to regular traders, allowing them to position themselves ahead of market changes. The increase in activity suggests that whales are optimistic about potential future gains from investing in Shiba Inu.

As the market watches these developments, the increased transaction volume and technical indicators hint at possible bullish momentum for SHIB in the near future.

Shiba Inu Sees Surge in Large Transactions: What's Driving the Activity?
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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