Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With an incredible 21 trillion SHIB transactions in the last 24 hours, Shiba Inu has broken previous records. SHIB's price has increased dramatically as a result of this spike, which has also given the meme coin newfound attention. SHIB's network is very active, as evidenced by the most recent data from IntoTheBlock, which shows both high transaction volume and an increase in the number of transactions.
The price chart of SHIB shows a robust upward trend with a recent sharp increase. Following a period of consolidation, investors' FOMO (fear of missing out) has probably been sparked by this breakout, which has increased market capital. This surge is supported by a remarkable volume spike, which indicates that buying interest is still high and could push SHIB even higher.
But there is a flip side. Significant whale activity is also suggested by IntoTheBlock's data, which may indicate possible profit-taking. When they begin redistributing their assets, whales, or large holders, frequently have an impact on the market. The high volume of large transactions may indicate that whales are redistributing their SHIB assets into smaller wallets or selling off a portion of their holdings in order to profit from recent gains.
Arman ShirinyanThe increased whale activity calls for caution, even though the high volume and price surge indicate strong momentum. Whales may put downward pressure on SHIB's price if they keep selling off their holdings. However, if these deals are more about strategic redistribution than a full-scale sell-off, they may result in greater ownership of SHIB, which could eventually stabilize the price. In the future, it will be crucial to monitor the next resistance levels if SHIB keeps up its current momentum.
The rally could be further fueled by a successful push above these levels, but a short-term correction could occur if recent gains are not held. SHIB has performed remarkably well lately overall, but investors should exercise caution and keep a close eye on whale movements.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
Dan Burgin
U.Today Editorial Team