Shiba Inu Price Holds Steady as Whale Activity Slows

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Whale investors moved 10 trillion Shiba Inu (SHIB) tokens in the past 24 hours. While this may sound impressive, it pales in comparison to the token’s historical transaction peaks. Large transaction volumes often signal heightened whale activity, which can precede major market moves. However, this recent activity remains subdued relative to SHIB’s previous record-breaking days.

Price Stabilizes Around Key Support

SHIB’s current price movement indicates consolidation. Technical analysis reveals that SHIB’s price hovers around a crucial support level. Recently, the token rebounded from its 50-day Exponential Moving Average (EMA), hinting at an attempt to sustain its upward momentum. Despite this recovery, the accompanying volume is notably lower than in prior surges.

_{Source: CoinMarketCap}

This disparity suggests that the ongoing momentum may not have the strength to fuel a long-term price increase. A look at IntoTheBlock’s analysis sheds more light on the situation. During SHIB’s bullish phases, transaction volumes consistently surpassed 18 trillion tokens.

In contrast, during bearish trends, volumes frequently dipped below 10 trillion. The latest 10 trillion-token volume sits above the bearish range but falls short of the intensity seen in past rallies. This volume does not display the aggressive accumulation or distribution that typically signals a strong market shift.

SHIB at a Pivotal Moment

Given the current market dynamics, SHIB appears to be at a crossroads. Whale activity remains moderate, and the market lacks signs of heavy selling pressure or significant bullish momentum. SHIB’s price movement indicates a consolidation phase rather than a clear directional shift.

For SHIB to regain its former bullish energy, transaction volumes must surge, reflecting renewed interest from major stakeholders. Until a clear catalyst emerges, SHIB holders may need to remain patient as the asset awaits a decisive trigger. While 10 trillion SHIB exchanged hands within a day, this volume is not substantial enough to indicate a major market shift.

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Without stronger whale involvement or an external catalyst, SHIB’s next big move remains uncertain. Patience may be key for investors waiting for the next breakout.