u.today
Shiba Inu saw a surge in network activity as an anonymous whale made a substantial transfer on an exchange, most likely for selling. A total of 100 billion $SHIB tokens, as indicated by the chain of transactions from a wallet starting with 0x859, have been moved in what appears to be a selling spree by whales. However, those moves raise some questions, considering $SHIB's bullish performance.
At first glance, such significant transactions can stir the market, potentially driving prices down due to the increased selling pressure. The $SHIB price chart shows a tightening of price movement with a declining pattern, signaling that the market is trying to find stable ground.
$SHIB has been trading within a narrowing range, suggesting a breakout could be imminent. Resistance levels can be seen at the recent highs around $0.000029. Meanwhile, support levels are currently holding near $0.000023. One of the key indicators to track while $SHIB consolidates is the 50 EMA.
However, diving into the on-chain metrics of Shiba Inu gives us more insight. The data shows a considerable number of addresses "in the money," meaning holders who bought at lower prices staying in profit. Yet, a significant percentage remains "out of the money," suggesting that many holders may still be waiting for better prices.
Regarding the future of the asset, large transactions volume has shown a noticeable decrease, pointing to a dip in whale activity after the recent sales. If the sell-off does not trigger broader panic, the market may absorb the impact without a drastic price change. Investors and traders will closely monitor $SHIB to see if the token can maintain its support levels or if it succumbs to further selling pressure.