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In a surprising turn of events, Shiba Inu (SHIB) has witnessed a significant disruption in whale metrics. Major transactions spike while transaction volume plummets, raising eyebrows across the cryptocurrency market. This anomaly coincides with an anonymous whale potentially selling 100 billion SHIB tokens.
Shiba Inu Sees Surge in Large Transactions but Sharp Drop in Volume, Puzzling Investors
An unusual aberration has emerged in the Shiba Inu (SHIB) ecosystem, significantly disrupting one of its main whale parameters. Data from IntoTheBlock has revealed an unusual trend, with a significant increase in major transactions of over $100,000 during the last 24 hours.
Despite the increase in transaction frequency, the volume of these transactions has decreased significantly during the same period.
According to the data (via U.Today), the number of significant transactions increased by an incredible 71.4%, reaching 204. This rise in activity would normally indicate a strong and bullish market sentiment among institutional investors.
However, the peculiarity is the sharp discrepancy in the amount of these transactions. The volume of major transactions, expressed in Shiba Inu tokens, fell by a stunning 67.3%, from 6.36 trillion SHIB to 2.08 trillion.
Dollar Value of Shiba Inu Transactions Drops Amid Price Surge, Sparking Community Speculation
Furthermore, evaluated in dollar equivalents, transaction volume fell by 63.63%, from $144.76 million to $52.64 million. Interestingly, the percentage of volume loss in dollars looks to be lower due to the Shiba Inu token's significant price increase.
During the same 24-hour period, the token's price increased by more than 24%, briefly reaching $0.0000282 before retracing to $0.0000262.
The intriguing character of this anomaly may lead the SHIB community to question its fundamental cause. It is unclear whether this unanticipated turn of events is the result of an error in on-chain data calculations or a true and unprecedented occurrence within the Shiba Inu ecosystem.
Whale Sells 100 Billion SHIB, Stirring Market Concerns Amid Shiba Inu's Price Volatility
Shiba Inu experienced an increase in network activity after an anonymous whale made a large transfer on an exchange, most likely for sale. According to the chain of transactions from a wallet starting with 0x859, whales have sold 100 billion SHIB tokens. These developments, however, create some concerns, given SHIB's bullish record.
At first glance, such large transactions may agitate the market, perhaps sending prices lower due to increasing selling pressure. However, the SHIB price chart shows a tightening of price movement with a decreasing trend, indicating that the market is seeking stability.
SHIB has been trading within a decreasing range, implying that a breakout is near. Resistance levels can be observed near the recent highs of $0.000029. Meanwhile, support levels remain near $0.000023. The 50 EMA is a critical signal to watch as SHIB consolidates.
However, looking into Shiba Inu's on-chain data provides more information. The results reveal a significant number of addresses "in the money," meaning holders who purchased at a cheaper price still profited. However, a sizable portion remains "out of the money," implying that many holders may still be waiting for better prices.
Regarding the asset's future, the volume of major transactions has decreased noticeably, indicating a drop in whale activity following the recent sales. If the sell-off does not cause widespread panic, the market may absorb the shock without seeing a significant price shift. Investors and traders will closely monitor SHIB to see if it can sustain its current support levels or succumb to additional selling pressure.
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