Recent data from IntoTheBlock reveals that there has been a notable increase in large transactions involving Shiba Inu, indicating significant fluctuations in volume over the last few weeks. This sudden surge in whale activity could have implications for the future trajectory of SHIB as it continues to consolidate.
Noteworthy Surge in Shiba Inu Whale Activity and Transaction Volume
There has been a 41.39% surge in Shiba Inu’s large transaction volumes, totaling 2.79 trillion SHIB, with a market value of $76.48 million.
This recent spike follows a period of decline starting around December 10th when transaction volumes plummeted from 18.85 trillion SHIB to just 1.9 trillion SHIB by December 13th.
Following the downturn, the recent uptick in whale transactions indicates renewed interest from significant holders. These spikes in whale activity often signify strategic moves such as accumulation or redistribution, both of which could impact price movements in the short term.
Stability of SHIB Amid Volume Fluctuations
Despite market fluctuations, Shiba Inu’s price has remained relatively stable around $0.00002759. The price chart indicates that SHIB has been well-supported above the 50-day moving average, suggesting a degree of stability.
However, the Bollinger Band Percentage (BBP) shows a minor bearish signal as momentum slows down, hinting at the possibility of ongoing consolidation.
Volume data from Santiment indicates a declining trend in recent days, with daily volumes currently below 1 billion SHIB after reaching a peak earlier in the month. This decrease in trading volumes during periods of whale activity often reflects uncertainty among retail investors awaiting confirmation of broader market trends.
Varied Trends in Daily Active Addresses
Shiba Inu’s daily active addresses exhibit patterns similar to its volume activity. While activity surged in early November, surpassing 18,000 addresses, it has since declined gradually, now standing at just over 2,500 active addresses.
This decrease suggests reduced participation among smaller holders despite the increase in large transactions.
Implications of Whale Moves and Sentiment on Shiba Inu
The recent surge in significant transaction volumes indicates that major investors are closely monitoring Shiba Inu’s price movements. While technical indicators support the current price, declining volume and address activity point to a cautious sentiment among retail traders.
Traders should remain attentive to any potential price breakouts or further whale activity, as these factors could determine SHIB’s short-term direction. If large holders continue to accumulate SHIB, it might pave the way for a potential price recovery in the weeks ahead.