2 Trillion Shiba Inu (SHIB) in 24 Hours: Shiba Inu (SHIB) on Verge of Surge?

Shiba Inu recently experienced a notable surge in whale-tier transactions, hinting at a possible spike in volatility. However, given the current state of SHIB, these large transactions might not yield the significant impact many are hoping for.

Analyzing the provided on-chain data, we see that in the last 24 hours, there have been 82 large SHIB transactions, totaling 1.7 trillion SHIB. This aligns with the lowest activity level in the past week, highlighting a potential lack of consistent buying interest. This trend is further reflected in the transaction volume, which reached $40.48 million, considerably lower than the seven-day high of $223.76 million seen earlier in the week.

SHIB has been hovering around the 50 EMA, struggling to break through. The Bollinger Bands indicate a narrowing, typically a precursor to a volatility spike, but without substantial volume, this might not materialize into significant price movement. The MACD histogram shows a declining trend, signaling weakening bullish momentum.

Related

Mon, 05/20/2024 - 09:08

Dogecoin Founder Issues Important Malware Warning to Advertisers

Godfrey Benjamin

The whale transactions, while substantial, might represent internal shuffling or consolidation rather than genuine market interest. This is evident from the relatively flat price movement despite high transaction volumes. For SHIB to see a substantial price surge, consistent buying pressure and increased trading volume are necessary, both of which are currently lacking.

While the surge in whale transactions might initially seem like a bullish indicator, the underlying data suggests that Shiba Inu is currently in a consolidation phase. Without a significant influx of new buyers or increased trading activity, SHIB might continue to trade sideways. For now, Shiba Inu really needs fresh inflows, instead of the activity of large players who have been there before.