Shiba Inu whales have made a transaction of 2.79 trillion SHIB, this might change the game in the market and can be a new price movement.
Shiba Inu has a rise of 41.39 % in whales, with higher transactions in 24 hours time. This is 2.79 trillion SHIB ($76.48 million) and possibly a new interest from whales after quite a while of low activity. Such activity might indicate a shift in sentiment, but it’s not sure yet if this would be enough to cause a price bounce. Let’s dive deeper into the specifics surrounding this increase in whale transactions and what this may mean for SHIB’s price.
Surge in Whale Activity: 2.79 Trillion SHIB Moved
Recent data from IntoTheBlock shows that transactions of Shiba Inu whales have steeply increased. Those worth more than $100,000 rose by 41.39% over the last 24 hours. This is 2.79 trillion SHIB, or $76.48 million, a huge movement in the hands of whales. After days of falling volumes, this rise could show that institutional players or whales are entering the market once again, which could also be a sign of confidence that SHIB will do better in the future.
Declining Transaction Volumes Before the Spike
This peak occurred after Shiba Inu experienced a period of low whale activity. Large transactions stood at 18.85 trillion SHIB on Dec. 10, but on Dec. 13, it reduced to 1.9 trillion SHIB. Lower whale activity was just one element of the bigger crypto downtrend, marking lessened investor interest. However, recent whale activity is a new sentiment, with big holders possibly accumulating SHIB at lower prices amidst a correction in the overall market.
SHIB’s Price Performance: Will Whale Activity Impact SHIB Price?
Sometimes, an activity surge by whales is a good sentiment in the market; it doesn’t need to be translated into an increase in price right away. Shiba Inu’s price has been under pressure with the current decline of 3.49% in the last 24 hours to $0.00002736 and 14% on the week. This is even though a recent spike in large transactions indicates that factors like general market sentiment are stronger determinants of SHIB’s price direction.
Resistance and Support Levels to Watch
SHIB must break through those critical resistance levels for it to recover the lost ground. There is one at about the $0.00003 area, and this has been the thing SHIB has been battling against lately. When it breaks past that particular one, then it may look forward to rallying to some higher levels and reach $0.000033, $0.000039, and even $0.000046.
Or in the event that the SHIB fails to break above the resistance and falls below the 50-day SMA $0.0000246, then bearish sentiments would dominate that will push prices more downward. Since RSI stands at the middle range currently, the SHIB price could still continue trading in that zone, and further bullish triggers can propel SHIB prices northwards.
Market Context: Cryptocurrencies Broad Sell-Off
Pressure is also coming from the cryptocurrency market in the broader markets. Most of the assets, including Shiba Inu, are trading red. A huge sell-off in crypto-tracked futures witnessed almost $252 million in liquidations in the past 24 hours which has contributed to negative market sentiment. The whale activity is going to be there and still, SHIB’s price remains under pressure, and it’s likely to be more affected by the short-term broader market factors.
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Possible for the Market Shift
This may be something that demonstrates that whales have potentially prepared for a future move upward as that rebound might be a part of some sort of improvement in sentiment going over the whole market. Again, that will have to wait in turn for a more detailed rally before SHIB decides to go with it. To such an extent, it cannot yet be known if Shiba Inu can maintain a reversal on its basis or through additional catalysts.
Conclusion: This latest spiking whale activity in the proximity of Shiba Inu is quite interesting but absolutely no guarantee of an upcoming price spike. Since 2.79 trillion SHIB has moved, it shows that the larger holders are buying into it, but the much bigger game will be market sentiment and strong resistance levels to ascertain whether or not SHIB will turn the price around. Traders and investors need to watch SHIB closely as it approaches its critical levels and wait for a sign of a general market rebound to know the future direction of the currency.
Also Read: Ethereum Whales Move Assets As ETH Falls Below $4K: Will Prices Recover Soon?
