Shiba Inu (SHIB) has regained market attention following a dramatic spike in both price activity and on-chain transactions. According to data from IntoTheBlock, large whale transactions surged to an astonishing 14.4 trillion SHIB in just 24 hours. This volume marks the highest seen in recent months, suggesting a potential shift in market behavior.
SHIB Holds Crucial Support Amid Volatility
At the technical level, SHIB continues to hover around a critical support zone near $0.0000125. Although the token briefly dipped below this mark last week, it quickly recovered and now trades around $0.0000129.
Source: TradingView
Historically, this range has acted as both a strong support and resistance zone, making it a prime area for whale movement. Despite SHIB trading below its 50- and 100-day Exponential Moving Averages (EMAs) typically a bearish indicator, the surge in whale activity hints at deeper market developments.
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The Relative Strength Index (RSI) currently sits just above 44, placing SHIB in neutral-to-slightly oversold territory. This means the asset still has room for upward movement if buying pressure sustains.
Coordinated Movements Suggest Strategic Positioning
Interestingly, the spike in transaction volume occurred during a period of flat price movement. This unusual pattern suggests coordinated activity by large holders rather than random retail interest.
Whales may be redistributing their holdings to manage volatility, or they could be quietly accumulating in anticipation of a larger breakout. The coming days are crucial. If SHIB manages to reclaim the $0.0000138 resistance and move closer to the 100 EMA, a technical breakout could be imminent.
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However, if momentum fades, the asset could retest the $0.0000125 support level. A failure at that level might push SHIB into sub-$0.000011 territory. Shiba Inu just displayed its first major market pulse in weeks.
Whether this signals the start of a new upward trend or a final exit opportunity for whales will depend on how the market responds to the next few daily closes. Either way, SHIB’s current dynamics indicate that significant developments may be underway.
