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Shiba Inu Surges: Record Transactions Signal Market Activity

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Shiba Inu’s Latest Move Signals Potential Bullish Trend

In a remarkable spike in activity, Shiba Inu (SHIB) tokens saw nearly six trillion transfers across significant wallets within the last 24 hours. This massive movement, confirmed by on-chain data, marks a new record high for October. The unprecedented transaction volume points toward heightened activity within the SHIB ecosystem, which may signal future market volatility.

Speculation on the Nature of Recent SHIB Transactions

Despite the large volume, analysts remain uncertain if the transactions signify increased buying or selling interest. If large holders or institutional investors are accumulating SHIB, it may signal bullish expectations for a future rally. 

Related article: Shiba Inu Team Announces Shibarium Upgrade for Shiboshi NFT Holders 

On the other hand, some interpret the high volume as a potential sell-off strategy, which may increase SHIB’s supply on the market and put downward pressure on its price. Historically, spikes in transfer volume without corresponding price increases often indicate selling rather than accumulation. 

Source: CoinMarketCap

SHIB’s price remains largely unaffected by these movements so far and continues to trade within a relatively narrow range. Current resistance levels stand around $0.000020, while support levels hover at approximately $0.000017. Breaking through these levels would require a significant influx of new buyers to maintain an upward momentum.

Possible Price Outcomes Based on On-Chain Activity

If buying interest fails to materialize, SHIB’s price may revisit lower support levels, especially if selling pressure continues. SHIB’s on-chain data shows 224 notable transactions in the past day, nearing the weekly peak of 269 transactions on October 29. This high transaction count highlights increased activity within the ecosystem, but it’s unclear if these transactions indicate buys or sells.

Related article: Shiba Inu Price Nears Critical Resistance, Indicating Potential 28% Rally

The recent record-breaking activity highlights SHIB’s potential for volatility in the near term. Whether this is a bullish or bearish signal depends largely on whether these transactions reflect buying interest or mark the beginning of a sell-off. Investors will likely keep a close eye on the SHIB price action as more information on the nature of these transactions unfolds. 

For now, the high volume of transfers remains a significant metric but leaves the market unsure of the ultimate impact on SHIB’s price trajectory.

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