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Due to a substantial increase in transaction volume over the last 24 hours, Shiba Inu is generating some momentum. A total of 1.8 trillion SHIB tokens have been transacted in a single day, mostly due to massive whale movements.
The recent increase in activity on the Shiba Inu network is evidenced by the fact that it is approaching the seven-day high of 2.12 trillion SHIB, which was recorded on Aug. 21. For SHIB, this surge in whale transactions is a crucial development since it suggests that market sentiment may be changing.
Whales, who are usually more methodical about their investments, might be setting themselves up for a price increase, which could significantly change the Shiba Inu market dynamics.
Large transaction volume could signal the start of a longer-term uptrend for SHIB, attracting more retail investors and possibly resulting in a sizable price rally. Shiba Inu is exhibiting some encouraging indicators, according to an analysis of the price dynamics based on the supplied charts.
Alex DovbnyaSHIB seems to be stabilizing now that it has recently rebounded from its lows following an extended period of decline. As the market looks for direction, it is important to keep an eye on the $0.00001460 price level, which is a threshold where SHIB more likely found grounds for reversal.
Additionally, SHIB is currently trading below both its 200-day and 50-day moving averages, which are commonly regarded as significant resistance levels. But there is a good chance that SHIB will break above these moving averages, indicating a reversal of the downtrend and the beginning of a fresh bullish phase if the momentum currently being driven by whale activity continues.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin