- SHIB saw a 360% surge in whale transactions, indicating growing interest from large traders.
Reduced exchange reserves and positive funding rates suggest SHIB may continue to rise.
As a researcher with years of experience in the cryptocurrency market, I have seen my fair share of trends and fluctuations. However, the recent surge in large transactions involving Shiba Inu (SHIB) has caught my attention. The 360% surge in whale transactions over the past week is unprecedented for a meme coin like SHIB. This activity has positioned it among the top cryptocurrencies with rising investment interest, and I believe it’s worth keeping an eye on.
Over the last week, there’s been a significant 360% increase in substantial transactions involving Shiba Inu [SHIB], which has drawn the focus of investors. This surge in ‘whale’ activity has placed Shiba Inu among the leading cryptocurrencies that are currently garnering increased interest from investors.
Currently, Shiba Inu (SHIB) is being exchanged for approximately $0.00001833, representing a minimal 0.56% decrease. Despite this slight dip, traders remain unfazed, leading one to wonder: Will SHIB sustain its pace and surpass its resistance barriers?
SHIB on-chain metrics: A positive outlook despite some concerns
The analysis of several important on-chain indicators presents a somewhat conflicting image, yet the overall perspective continues to be optimistic. Initially, there’s a minor decline in net network expansion by 0.27%, which suggests a deceleration in the addition of new users.
However, the “In the Money” metric stands at 1.75%, meaning a portion of the coin holders is currently profitable, a bullish short-term indicator. Additionally, concentration remains neutral at 0.01%, meaning no significant changes in SHIB’s distribution.
To put it simply, a significant increase of 12.94% in large transactions suggests that ‘whales’ remain influential in driving the market activity of the meme coin. This continued whale interest might continue to boost Shiba Inu’s (SHIB) price upward.
Exchange reserve decline: Less selling pressure ahead?
According to the latest exchange reserve analysis, there’s been a 0.41% drop compared to the previous week, indicating less urgency among sellers to offload their tokens on the market. This decrease implies that a smaller number of tokens are currently being transferred to exchanges for potential sale.
Consequently, less selling tends to lead to greater investment buildup, especially when it’s the ‘whales’ causing the significant 360% trading increase. This situation, in turn, leads to a decrease in exchange reserves, which aligns with the surge in SHIB whale activity and could potentially bolster its price rise even further.
SHIB funding rates: Are traders betting on more gains?
As of October 1, 2024, the OI-weighted funding rate for SHIB is 0.0097%, indicating a favorable outlook among traders. This optimistic stance is reflected in the increased number of traders who are choosing to hold long positions, anticipating an upward trend in its price.
Consequently, this pattern aligns with the whale behavior and decreased exchange holdings, which strengthens the possibility that the meme coin will continue to increase in value.
Realistic or not, here’s SHIB’s market cap in BTC’s terms
Shiba Inu (SHIB) appears poised for continued growth, indicating a promising outlook. This optimism is fueled by significant ‘whale’ involvement and diminishing selling pressures, while traders express positive sentiments towards it. Such factors foster a conducive atmosphere for the coin’s price increase.
However, traders should remain aware of potential challenges like slower network growth. Nevertheless, the overall outlook for SHIB remains bullish.
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2024-10-02 09:11