u.today
Shiba Inu has experienced a surge in transaction volume over the past day, almost reaching 2 trillion tokens in the last 24 hours. This notable movement indicates that there is increased activity in the network, which probably indicates that there may be volatility or changes in the direction of prices when trading starts next week.
Significant accumulation or distribution can usually be indicated by high transaction volumes. With the amount of activity going on right now, this spike might mean that traders or institutions are getting ready for a big move. Despite the high volume of transactions SHIB is currently trading at a relatively stable level, hovering around the $0.0000170 mark on the price chart.
However, the asset has demonstrated sensitivity to large trades, suggesting that SHIB may be about to see a price spike if buying pressure increases. On the other hand, the price may decline and test the current support level if this volume indicates a sell-off or liquidation. For the short term, $0.0000165 is the main support for SHIB. Increased bearish momentum could be indicated by a breakdown below this.
Positively, a price push toward $0.0000180 would indicate that SHIB is strengthening again and might open the door to a rising trend. The high volume that occurs right before the trading week begins may create the conditions for SHIB's price movements to be more volatile on Monday, which could result in a breakout or a test of the support level.
In the end, this spike in on-chain activity will probably be a deciding factor for SHIB in the days ahead. The trend should be closely monitored by traders because any persistent change in volume may signal whether the price of Shiba Inu is poised for a breakout or will face downward pressure.