Shiba Inu (SHIB) has seen a massive spike in daily volume, reaching a total of 224 billion SHIB within 24 hours. This surge has attracted attention due to its connection with a significant rise in whale activity. The increase in large holder inflows and the overall transaction volume suggests a potential shift in market sentiment.
Surge in Shiba Inu Whale Activity
Data from IntoTheBlock shows a notable increase in large-holder inflows, which jumped from 96 billion SHIB on April 13 to 224.34 billion SHIB on April 14. Large holder inflows generally refer to transfers of tokens into wallets that belong to entities holding significant portions of the token’s total supply. A rise in these transactions often indicates accumulation, suggesting that whales may be preparing for a price movement.
This influx of SHIB tokens into large wallets coincided with a 173% surge in large transaction volume. According to the same data, SHIB saw approximately 1.31 trillion SHIB being transacted in large volumes, worth around $15.66 million.
This type of activity is often considered a signal of renewed interest from large investors or whales, who may be positioning themselves ahead of potential price changes. However, the overall trend in SHIB’s price remains uncertain, with the coin experiencing a slight decline in recent hours.
Large Transactions and Market Sentiment
The 173% increase in large transactions indicates that whale traders are actively moving SHIB, which could indicate a shift in market sentiment. These large transactions typically involve trades of $100,000 or more. When such trades increase, it often suggests that investors are rearranging their portfolios, possibly in anticipation of a future rally.
Despite the surge in large transactions, Shiba Inu’s price has not shown consistent growth. As of the latest data, SHIB’s price was down 2.75% in the last 24 hours, trading at approximately $0.00001192.
The fluctuation in SHIB’s price has led to some concern among investors, with many uncertain about the next market direction. The total trading volume has also dropped by 17.73% in the past 24 hours, indicating decreased investor interest following the recent volatility.
Shiba Inu’s Ecosystem and Recent Developments
One factor contributing to SHIB’s price movement is the ongoing developments within its ecosystem. Shiba Inu recently revealed details about its Karma system, which is designed to track user engagement across its network.
The Karma system operates similarly to an experience point (XP) system found in gaming. It allows users to earn Karma points based on their activity within the Shiba Inu ecosystem, contributing to their reputation.
According to Shiba Inu developer Kaal Dhairya, the Karma system is still in its beta phase and will continue to evolve. The introduction of features like this could help increase user interaction within the ecosystem, potentially influencing the demand for SHIB tokens in the long run.
Shiba Inu Price Analysis: Is a Bull Rally Looming?
Despite significant whale activity and ecosystem developments, SHIB’s price has been in a downtrend. It struggled to maintain momentum after rejecting resistance at $0.00001200 and remains under a descending trendline.
The current support level is around $0.00001160, and if SHIB holds at this level, a potential bullish reversal backed by the rising SHIB burn rate could occur.
However, further downside risk remains possible if the price fails to maintain this support zone. According to the trading view, the next major resistance level for SHIB is $0.00001200, with a potential target of $0.00004 if the price breaks above this resistance.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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