u.today
Shiba Inu whales are on the verge of waking up as transactional activity on large wallets seems to be surging and reaching almost 2 trillion. However, the lack of momentum in the market suggests that it is too early to celebrate, and those transfers might simply be tied to funds redistribution rather than anything significant for the price.
Fresh data has emerged that more transactions are happening within the Shiba Inu network. For the last 24 hours, 147 large transactions have occurred, whose cumulative volume is valued at 1.9 trillion SHIB. The activity bounces off a seven-day low of 82 transactions that took place on May 19, 2024.
Analyzing surge
A sudden spike in big transactions could mean numerous things. For one, it's a good probability that large holders in the market are just redistributing their assets. This movement of funds might be related to internal wallet reorganizations, with preparations for future market moves, or simple asset redistribution for liquidity purposes.
All of this fueled the volume of transactions, but the general feeling around SHIB remained pretty neutral. Price showed no actual upward motion and was still close to $0.000024. The relative strength index confirmed a lack of buying power as well by staying above the 50-point neutral level.
Potential implications
Still, the fact that actions from such whales are visible gives no clear indicator that the price also necessarily increases. The dynamics of the market suggest that these large moves might actually amount to no new investment but circulating capital from existing holders. In that regard, the small price effect was affected at best, and SHIB remains within a tight horizontal range.
This would require sustained buying pressure and overall market optimism for SHIB to really experience a bull run. Indicators are showing signs of a bullish breakout, but not just yet. Investors watch support and resistance zones at $0.000022 and $0.000026, respectively, with a keen interest in the level market movement.