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With an incredible 17 trillion SHIB in big transactions over the past day, Shiba Inu (SHIB) is drawing market attention as its on-chain activity soars. This spike shows that SHIB investors are once again interested in the ecosystem, indicating both buying and redistribution activity. The number of large transactions, which indicate important trades and whale activity, has reached all-time highs, with 1.12K transactions in the last day alone, according to on-chain data from IntoTheBlock.
A significant price movement for SHIB may be imminent, as indicated by the abrupt rise in trading volume. The volume of significant transactions indicates that despite volatility, a sizable amount of capital is either entering or leaving SHIB - most likely in reaction to both the recent price increase and general market trends. These trends may be seen as whale accumulation or redistribution among major holders, which has an effect on price dynamics and market sentiment.
From a technical perspective, SHIB's recent price spike showed bullish momentum by pushing it past multiple significant moving averages. But after peaking, there has been a minor decline. It is critical for investors following SHIB to keep an eye on the support level at $0.0000190 because sustained strength above this level may strengthen the market's positive sentiment and draw in more buyers.
Yuri MolchanAdditionally, a retest of the $0.0000300 resistance level may be imminent if SHIB maintains its resilience above these support zones. Should this level be broken, SHIB may be able to test even higher price points and move closer to its prior highs. In the days ahead, on-chain metrics will be essential.
The trajectory of SHIB will probably be determined by the regularity of large high-volume transactions combined with market sentiment. Larger investors and whales remaining involved in the ecosystem may indicate that SHIB is still fighting for growth and that they have faith in its long-term prospects. Since changes in whale activity may indicate impending price volatility, investors should keep a careful eye on these levels.
Godfrey Benjamin
Yuri Molchan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov