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Shiba Inu is making a significant comeback. SHIB whales, who usually set the direction of the market, have transacted over 1 trillion SHIB in total over the last 24 hours.
Significant SHIB holders have been more active lately, which suggests that interest in the token may be reviving and that its value may rise. The data shown on-chain is encouraging. There has also been a noticeable rise in the quantity of large SHIB transactions: In the last 24 hours alone, 56 transactions were recorded.
Compared to the seven-day low of only six transactions, there has been a significant increase, which may indicate that large holders are starting to participate again. Because whales' actions usually affect the mood of the market as a whole, this kind of movement frequently precedes price changes.
Moreover, the amount of SHIB exchanged in these transactions is remarkable. It was evident that the market had already been heating up when it reached its seven-day high of 2.12 trillion SHIB on Aug. 21, 2024.
Tomiwabold OlajideWhales may be positioning themselves for a potential increase in the price of SHIB as indicated by the large volumes that are being transacted. SHIB is presently trading at $0.000015, according to an analysis of market data, and its price is beginning to stabilize following a protracted decline.
With regard to initiating a new upward trend, SHIB has been trying to break above its resistance levels in the most recent price action, especially around the $0.00001554 mark.
Increased whale activity along with the current price dynamics point to a potential recovery for SHIB. The market is still unstable, so it is not a guarantee of a proper recovery, more of an additional supportive signal of the potentially upcoming performance of SHIB.
Mushumir Butt
Tomiwabold Olajide