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7 Trillion Shiba Inu (SHIB) in 24 Hours: Is Shiba Finally Surging?

source-logo  u.today 11 June 2024 14:11, UTC

With the dull performance of the Shiba Inu network on the weekend and Monday, we are finally seeing some resurgence, with the activity of whales ascending. Almost eight trillion Shiba Inu were transacted between various entities.

New data shows that the Shiba Inu network has experienced a notable increase in the quantity of large transactions. The number of large transactions has increased significantly over the past 24 hours, totaling 153 compared to the seven-day low of 101.

This increase in activity points to a resurgence of interest among the major players on the market — also known as whales. Significant amounts of SHIB are being moved by these whales, suggesting potential phases of accumulation or strategic positioning. In the course of this 24-hour period, more than 7.53 trillion SHIB were moved.

This indicates that the market is seeing a surge in liquidity and activity as it has made a significant recovery from the seven-day low of 1.36 trillion SHIB. This newfound interest was anticipated after the market reached a seven-day high of 161 trillion SHIB on June 5, but the volume today shows that key players are still actively involved. SHIB is currently trading slightly below its 100 EMA at about $0.000022.

SHIB is having difficulty hanging onto important support levels, as the recent price action suggests. The increase in big transactions may be a harbinger of future increases. SHIB may breach present resistance levels and aim for higher targets if the whales are gathering.