- SHIB whales activities have surged with 3.8T tokens transfers.
Despite rising whale inflows, market sentiment remained bearish.
As a seasoned analyst with over two decades of experience in financial markets, I have seen my fair share of market fluctuations and trends. The recent surge in Shiba Inu (SHIB) whale activities has certainly piqued my interest. With 3.8T tokens transferred within the last 24 hours, it is hard not to see this as a potential game changer for the meme coin.
Over the past few months, various digital currencies like Bitcoin (BTC) have shown significant price swings. These fluctuations in BTC’s value have generally impacted other alternative coins as well.
Due to the volatile nature of the cryptocurrency market, Shiba Inu (SHIB) is experiencing its share of ups and downs as well. Interestingly, over the past day, there’s been a surge in large investor activity, leading some analysts to speculate that a shift in trend might be on the horizon.
Shiba Inu sees increased whale activity
Following a period of reduced engagement, the enthusiasm and prowess of Shiba Inu in whale-related activities are once more gaining traction in the market. As reported by CryptoQuant, over the past 24 hours, SHIB has registered approximately 3.8 trillion token transfers.
These transfers showed growing confidence among major SHIB holders.
Over the past week, the market patterns indicated a strong belief among investors in the meme coin. Consequently, an increase in large investors purchasing could potentially boost prices due to increased demand.
Souce: IntoTheBlock
As a crypto investor, I’ve been intrigued by the surge in large-scale transactions. According to data from IntoTheBlock, these transactions have significantly escalated from a minimal point of 117.17B to an impressive high of 860B. It seems like whales are getting more active!
Currently, the influx of transactions from significant investors amounts to approximately 849.67 billion dollars, indicative of their faith in the future trajectory of cryptocurrency.
Impact on SHIB price charts
Currently, Shiba Inu (SHIB) is being traded at approximately 0.00001554 USD, marking a 7.48% decrease in its value over the past week. This decline comes after a prolonged downtrend observed over the last few months, resulting in a 6.59% reduction in its value compared to the previous month’s closing price.
In the last 24 hours, Shiba Inu (SHIB) has dropped by 2.25%. However, AMBCrypto’s examination revealed that an increase in large holders’ inflow did not have a favorable impact on the price.
Consequently, Shiba Inu (SHIB) persisted in facing a dominant bearish outlook, which led to a drop in its prices.
In simpler terms, the Directional Movement Index (DMI) indicates a significant decrease in the market’s direction. Currently, the positive DMI value stands at 14.25, whereas the negative DMI is higher at 23.0734. This disparity between the two values strongly hints at a downward trend.
Furthermore, the Relative Volume Gain Index (RVGI) stood at -0.2164, falling beneath the signal line. This suggests that on an average, the closing prices tended to be less than the opening prices, suggesting a dominant bearish market trend.
According to AMBCrypto’s examination, the Coin Market Cap indicator known as Chaikin Money Flow (CMF) for SHIB stands at 0.06, indicating an increase in selling activity over buying. This means that Shiba Inu is ending its trading period near the lower boundary of its price range, suggesting a pessimistic outlook within the market.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
As a crypto investor, I noticed that my MACD (Moving Average Convergence Divergence) had dipped below zero to -0.00000051, and the histogram was also in the red. This alignment indicated that my short-term Exponential Moving Average (EMA) had fallen beneath the long-term EMA, a bearish signal suggesting potential downturn ahead.
Given that the current market sentiment continues, Shiba Inu (SHIB) could potentially drop down to its crucial support level of $0.00001483.
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2024-08-03 07:04