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Shiba Inu whales are making waves after moving 2.1 trillion SHIB in just 24 hours. The sudden increase in whale activity has triggered speculation on whether a major price shift for SHIB is on the horizon.
Whale Activity Stirs Shiba Inu Market
Lately, there has been a surge in Shiba Inu activity on the blockchain. Over two million trillion SHIB transactions were registered in just one day. This sudden increase suggests that the Shiba Inu ecosystem is experiencing a rush of interest and activity, primarily from whales or big investors.
Despite a decrease to 47 in the past day, the number of large transactions peaked at 98 earlier this week, according to an examination of the on-chain data. A high of 3.21 trillion SHIB was transferred on September 9th, compared to a low of 645 billion SHIB on September 7th, indicating that the high transaction volume was also volatile.
Whales Accumulate or Liquidate Massive SHIB Holdings
This could be a strategy for liquidation or accumulation, as certain whales are become more active and carrying big amounts of SHIB, according to U.Today.
Throughout the history of the token's valuation, Shiba Inu whales have played a pivotal role. Historically, the market value of SHIB has been directly impacted by whale movements due to the concentrated nature of big holdings.
The sheer volume of these trades can trigger price dumps or rises, depending on the direction these whales go.
Critical Levels to Watch Amid Whale Activity
The present trend can be a precursor to a larger price movement, either up or down. Given the recent uptick in big transactions, it is critical to keep an eye on the levels of resistance and support for SHIB. Given the present price patterns and whale activity, any substantial buying or selling might disrupt the trend, drive SHIB to new highs, or trigger a downturn.
Finally, it appears that there has been an uptick in network activity, as evidenced by the recent jump in substantial Shiba Inu transactions.
Whales are still major factors in SHIB price changes; their actions will likely dictate the market's next big shift, even though it's not apparent if this is the beginning of a larger trend.
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