CandleFocus

10 Trillion Shiba Inu (SHIB) in 24 Hours: Not Impressive

Author: Content Editor
The article discusses the recent transaction volumes of the cryptocurrency Shiba Inu (SHIB) by whales. While the 10 trillion SHIB transacted in the last 24 hours may seem substantial, it is not compared to historical highs. High transaction volumes often signal increased whale activity and can predict significant market movements.

The current numbers indicate a lack of enthusiasm in SHIB's growth phase. The price of SHIB is circling a significant support level, and the recovery from its 50 EMA suggests an attempt to maintain an upward trend. However, the volume accompanying these moves is relatively low compared to previous periods of explosive growth. This suggests that the current momentum may not be strong enough to support a sustained uptrend.

The IntoTheBlock chart shows that SHIB's transaction volumes have regularly surpassed 18 trillion tokens during bullish rallies, while falling below 10 trillion during bearish periods. The current volume does not exhibit the aggressive distribution or accumulation seen in major market movements.

Given the moderate whale activity, SHIB may be at a turning point. It is not showing significant selling pressure or generating enough bullish momentum to move higher, indicating a consolidation phase. To regain its previous bullish strength, SHIB would need transaction volumes to rise sharply, showing renewed interest from major stakeholders.

In conclusion, the 10 trillion SHIB exchanged in a single day is not enough to indicate a significant market change. The asset is waiting for a more obvious catalyst for its next big move, so patience may be required for SHIB holders.

Related News