Shiba Inu whales are showing signs of activity as transactions within large wallets surge, nearing a total of 2 trillion.
However, despite this uptick, the lack of momentum in the market suggests it’s premature to celebrate. These transactions may simply be related to asset redistribution rather than indicating significant price movements.
New data reveals increased transactional activity within the Shiba Inu network. Over the past 24 hours, there have been 147 large transactions totaling 1.9 trillion SHIB. This marks a notable increase from the 82 transactions recorded on May 19, 2024, which was a seven-day low.
The sudden rise in large transactions could imply several scenarios. It’s plausible that major holders in the market are merely reorganizing their assets. These movements of funds might be part of internal wallet adjustments, preparations for future market strategies, or simply for liquidity purposes.
While these transactions have driven up overall activity, the sentiment surrounding Shiba Inu (SHIB) remains neutral. The price has shown no significant upward movement, hovering around $0.000024. The relative strength index also indicates a lack of buying power, remaining above the 50-point neutral level.
However, the visibility of actions by such whales doesn’t necessarily indicate a corresponding increase in price. Market dynamics suggest these large transactions may not translate to new investments but rather the circulation of capital among existing holders. Consequently, any impact on price has been minimal, with Shiba Inu (SHIB) maintaining a narrow horizontal range.
To see a genuine bullish trend, sustained buying pressure and overall market optimism are needed. While indicators hint at a potential breakout, it hasn’t materialized yet. Investors are closely monitoring support and resistance levels at $0.000022 and $0.000026 respectively, observing the market’s movements with keen interest.
