- The 10 trillion Shiba Inu (SHIB) transacted by whales in the last 24 hours is insignificant compared to its historical highs.
- SHIB’s price is circling a significant support level, but the current momentum may not be strong enough for a sustained uptrend due to low trading volume compared to previous bullish periods.
- While the current whale activity puts SHIB at a potential turning point, a sharp increase in transaction volumes indicating renewed interest from major stakeholders is needed for SHIB to regain its previous bullish strength.
Despite large trading volumes, the performance of Shiba Inu (SHIB) over the past 24 hours has been less than stellar. Despite 10 trillion SHIB being transacted, the current market situation pales in comparison to past records.
Overview of Current Shiba Inu Market Activity:
The 10 trillion Shiba Inu coins traded in the past day may seem like an impressive figure, but when compared to its historical highs, it’s a mere drop in the ocean. High transaction volumes often signal increased activity from ‘whales‘ – large holders of a cryptocurrency – and can be indicative of significant market movements. However, the current number suggests a lack of enthusiasm compared to SHIB’s previous growth phase.
Analysis of SHIB’s Performance:
SHIB’s price is currently circling a significant support level, showing that the asset is trying to maintain its upward trend after recently recovering from its 50 EMA. However, the volume accompanying these moves is relatively low compared to previous periods of explosive growth. The current momentum may not be strong enough to support a sustained uptrend, indicated by the disparity between price action and transaction volume.
Comparing Current Activity to Previous Bullish and Bearish Periods:
The IntoTheBlock chart sheds more light on the situation. During SHIB’s bullish rallies, transaction volumes regularly exceeded 18 trillion tokens, marked by significant upswings. Conversely, during bearish periods, volumes often fell below 10 trillion. The current volume, whilst above the bearish threshold, doesn’t show the aggressive distribution or accumulation that usually characterizes major market movements.
The Potential Turning Point for SHIB:
Given the moderate whale activity, SHIB may be at a turning point. With no clear signs of significant selling pressure or enough bullish momentum to move higher, the asset appears to be in a consolidation phase. For SHIB to regain its previous bullish strength, transaction volumes need to increase significantly, signalling renewed interest from major stakeholders.
Conclusion:
In conclusion, while 10 trillion SHIB were traded in a single day, this isn’t enough to indicate a significant shift in the market. The asset seems to be biding its time, waiting for a clear catalyst to trigger its next big move. As such, SHIB holders may need to exercise patience in the meantime.
