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The activity of Shiba Inu whales might finally be returning to adequate levels after the drop we witnessed that was followed by the poor performance of the SHIB token on the market. Things are developing rapidly, and you should not stop watching the on-chain data for SHIB.
SHIB has seen 47 significant transactions in the last day, suggesting that major holders are becoming more active. This follows a notable decline in the quantity of large transactions, which peaked June 29 at 47. The activity of late is a noteworthy comeback, suggesting that whales are showing signs of renewed interest.
SHIB recorded an astounding 947.8 billion tokens moved in a single day in terms of transaction volume. This surge comes after a seven-day peak of 6.24 trillion SHIB on June 24. Large holders may be increasing or distributing their holdings as indicated by the sharp increase in volume. Last week saw more modest values in terms of whale-tier transactions.
Alex DovbnyaThe price of SHIB has not changed much in spite of the increased activity on the chain. With the price currently circling around $0.00001709, the chart indicates that SHIB has been finding it difficult to sustain its upward momentum.
In order to indicate a bullish trend reversal, SHIB must break through resistance levels represented by the 26-day, 50-day and 200-day EMAs. There is a mixed feeling in the market regarding SHIB overall.
The Bulls and Bears indicator depicts a fight between buyers and sellers that is almost evenly balanced with a small advantage to the bears. This suggests the market as a whole is still cautious about SHIB's short-term performance and is unlikely to turn into buying in the foreseeable future.
Alex Dovbnya
Dan Burgin