Recently, Shiba Inu (SHIB) has experienced a notable increase in whale transaction volume. During a turbulent and uncertain market period, approximately 10 trillion SHIB were traded. In the last 24 hours alone, about 1 trillion SHIB were transferred, but as the market calmed, transaction volumes began to return to more normal levels.
Increase in Shiba Inu’s Transaction Volume
This sharp increase in whale activity for Shiba Inu indicates that large players are responding strongly to the turbulence in the global financial system. Large investors may be selling their assets to reorganize their portfolios or reduce risk. This sudden increase in transactions reflects Shiba Inu’s speculative nature.
Shiba Inu is often known as an altcoin that is highly volatile and driven by market sentiment rather than intrinsic value. Indeed, as the market found balance, SHIB transaction volume dramatically decreased. The drop in transaction volume indicates that this increase was a sudden reaction to the market crash and the sharp decline in SHIB’s price, rather than a long-term trend.
The normalization of transaction volume may indicate a consolidation phase where investors are reassessing their assets and prices are stabilizing. Despite the recent normalization of Shiba Inu’s price movements, it continues to reflect uncertainty and a lack of strong buying interest.
SHIB Price Analysis
So far, Bitcoin and the altcoin market have partially recovered. SHIB was positively affected by this recovery and bounced from the support level at $0.000010, though it did not show a clear upward trend. For SHIB to show a strong recovery, it needs to surpass significant resistances at $0.000018 (200 EMA), $0.000015 (100 EMA), and $0.000015 (50 EMA).
According to data from the cryptocurrency CoinMarketCap platform, SHIB is trading at $0.00001343, down 2.28% in the last 24 hours. The price currently seems to be making an attempt towards the $0.000015 resistance, where the 100 EMA and 50 EMA converge.
