A seven-day high of 4.68 trillion SHIB was recorded, reflecting an unexpected spike in transaction volume on the Shiba Inu market. This notable increase begs the questions of who is responsible for the enormous movement and what it means for the future of SHIB’s price. When looking at the on-chain data, SHIB has seen varying transaction volumes with unexpected spikes that may indicate institutional or whale involvement.
The price of SHIB has increased by a slight 1.34% over the past day, and it is currently trading at about $0.00001357. These volume spikes notwithstanding, the price has had difficulty breaking through important resistance levels at $0.00001662 and $0.00001700. It is interesting to note that high buying pressure is not always indicated by a spike in transaction volume.
Large-scale transactions have historically preceded either significant price movements or periods of asset sales by major holders. A redistribution of tokens is indicated by on-chain addresses by holdings data, which shows a decrease in addresses holding between 1 million and 10 million SHIB (-0.98%) and between 10 million and 100 million SHIB (-0.48%).
A closer examination of the data reveals that whales with more than 100 billion SHIB are essentially unchanged, indicating that large-scale holders are either consolidating or getting ready to make a strategic move. A possible market exit is suggested by the -12.90% decline in mid-tier investors holdings, which range from $1,000 to $10,000.
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This change supports the theory that while whales hold onto their positions, retail traders may be losing faith. SHIB may try a move toward $0.00001700, a crucial resistance level, if it can maintain above $0.00001468. Support is at $0.00001185, but if current levels are not maintained, there may be another decline.
Market players should keep an eye out for ongoing volume patterns and whale activity because any abrupt actions by large holders could determine the course of the next significant price movement. Ultimately, even though the 4.68 trillion SHIB transaction volume indicates increased activity, it is unclear if this signals an upcoming sell-off or a bullish breakout.
