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More than 3.5 trillion Shiba Inu were transferred in the last 24 hours, a more than a 2.3 trillion increase since the previous period. SHIB whales are actively moving their funds after the most recent surge of volatility on the market fueled by Mt.Gox's funds redistribution. According to the most recent report, though, those funds will not be sold immediately, so the market should not panic too much.
The sudden rise in SHIB activity might have been caused by a portfolio rearrangement among big holders. According to IntoTheBlock data, there has been a spike in large transactions, with 268 being recorded in under 24 hours.
This is a remarkable upsurge from the low recorded at 102 such transactions on May 26, 2024, now just days away. Perhaps this upsurge in activity points to whales rearranging portfolios, maybe ahead of a volatility surge on the market.
The total volume of SHIB that changed hands has also seen this rise in large transactions. With all this activity, SHIB's price remains relatively stable, reflecting that the market is not reacting dramatically to these big movements. The price now stands around $0.00002552, maintaining the same range in which it had been hovering of late.
Arman ShirinyanFrom the chart, SHIB trading asset is hovering around a consolidation zone just below the 50-day EMA in green and above the 100-day EMA in blue. It is, however, tested with the 200-day EMA in orange, which is offering an area of strong resistance. The RSI seems to hover around the 53 mark, a neutral zone.
The manner in which investor whales reposition with SHIB indicates the high level of volatility below and the likelihood for price movements, considering that the market appears to have calmed. Major buy-ins and outs by whales usually come before a major market move, so this is something everyone should look out for.
Alex Dovbnya
Vladislav Sopov
Dan Burgin