10 Trillion Shiba Inu (SHIB) in 24 Hours: Not Impressive
2024-12-12
Category: None

Although it may seem like a huge amount, the 10 trillion Shiba Inu that whales have transacted in the last 24 hours are nothing in comparison to its historical highs. Significant market movements may be predicted by high transaction volumes, which frequently signal increased whale activity. 
In contrast to SHIB's earlier growth phase, the current numbers show a lack of enthusiasm. Chart analysis shows that SHIB's price is circling a significant support level. The fact that the asset recently recovered from its 50 EMA indicates that it is attempting to maintain its upward trend. SHIBUSDT chart by TradingView">
However, in contrast to previous periods of explosive growth, the volume that accompanies these moves is comparatively low. The current momentum may not be strong enough to support a sustained uptrend, as indicated by the disparity between price action and transaction volume.
The IntoTheBlock chart provides a more lucid image. Transaction volumes regularly surpassed 18 trillion tokens during SHIB's bullish rallies, as evidenced by significant upswings. On the other hand, transaction volumes frequently fell below 10 trillion during bearish periods, highlighting a link between downtrends and muted whale activity. Even though it is above the bearish threshold, the current volume does not exhibit the aggressive distribution or accumulation that characterizes major market movements. 
Given the moderate whale activity, SHIB may be at a turning point. Since it is not displaying obvious indications of significant selling pressure or generating enough bullish momentum to move higher, the asset appears to be in a consolidation phase. Transaction volumes must rise sharply, indicating renewed interest from major stakeholders, for SHIB to regain its previous bullish strength. 
As a result, even though 10 trillion SHIB were exchanged in a single day, this is not enough to indicate a significant change in the market. The asset seems to be waiting for a more obvious catalyst to propel its next big move, so SHIB holders might need to exercise patience.