u.today
Shiba Inu on-chain data shows a substantial surge of whale-tier transactions, with an almost 7% increase in the last 24 hours. The volume of transacted SHIB exceeded $8 trillion, making the network far more active than it was last week.
Large transactions worth more than $100,000 have grown dramatically in number. There were 140 of these transactions in the previous day, suggesting a resurgence of interest and potentially calculated actions by significant investors, or whales. The seven-day low of 99 transactions is drastically different from this uptick, indicating a change in the dynamics of the market.
It is possible that whales are stockpiling SHIB in preparation for future price changes. This might be a calculated move to acquire a sizable holding of the token while values are thought to be favorable.
Large volume purchases may result from institutional investors growing interest as they start to recognize the potential in Shiba Inu.
The increased activity may also be the result of announcements or impending Shiba Inu-related developments and Shibarium. This includes information on new initiatives, collaborations and technological advancements within the SHIB ecosystem.
Elevated interest is usually indicated by an increase in large transactions and trading volume, which can cause notable price fluctuations. As can be seen from the technical analysis, Shiba Inu is currently consolidating around its major support levels. SHIB appears to be holding steady, according to the 50-day and 100-day moving averages, but the increase in transaction volume could force the token to test new resistance levels.
In general, the lack of volatility is a bigger problem for SHIB right now and will most likely become a source of suppressed performance, rather than growth.