Shiba Inu Price Analysis: Whales Make a Move

Check out whales make a move and the Shiba Inu price analysis

Shiba Inu has experienced a drop in the whale metrics, unlike others. Large volumes have increased due to the increase in whale transactions, while transaction volume has been reduced. An unknown whale is selling 100 billion SHIB tokens, and the cryptocurrency market is carefully following this news as well. It comes after supposed media reports that a whale is selling a massive amount of the mentioned Shiba Inu tokens.

Shiba Inu Sees a Surge in Large Transactions But Drops in Volume, Confusing Investors

The Shiba Inu ecosystem (SHIB) is in for a surprise as data from IntoTheBlock shows a surge in principal transactions of more than US$100,000 in the past 24 hours.

Instantly, the case is reversed by the volume of transactions for the 2nd most valued memecoin, SHIB, totaling 2.08 trillion, a decline of 67.3 percent from 6.36 trillion. However, a 71.4 percent increase in the number of significant transactions to 204 indicates a developing bullish sentiment.

Shiba Inu Transactions Value Drops in Dollar Equivalents Amid Price Increase, Causing Community Speculation

Shiba Inu transaction volume decreased by 63.63% in dollar equivalents, dropping from US$144,76 million to US$52,64 million.

In the same 24-hour period, the Shiba Inu price increased by over 3.04% and is now trading at US$0.00002705.

However, given the novelty of this situation, some SHIB community members would wonder why this transformation occurred. Elucidating whether this abrupt shift is a result of an on-chain error or a unique and innate Shiba Inu occurrence in the community is crucial.

Since a mysterious, significant whale transaction was made on an exchange believed to be for sale, network activity on Shiba Inu (SHIB) has skyrocketed. The chain of transactions from the wallet starting at 0x859 indicates that whales have sold 100 billion Shiba Inu tokens. However, given SHIB's bullish record, this development raises some concerns amid its price volatility. Whale sells 100 billion Shiba Inu tokens, sparking market concerns.

Such significant transactions may cause a disturbance in the market, causing prices to drop due to rising selling pressure. SHIB's price has been trending downward for a while now, suggesting that a breakout is imminent. According to Shiba Inu price analysis, resistance levels have recently reached a high of US$.00002877. In contrast, support levels have been found to be near US$.00002505; the 50 EMA is a pivotal signal to keep an eye on as SHIB continues to consolidate.

However, a deeper dive into Shiba Inu's on-chain information reveals more. The results show a large number of addresses "in the money," meaning holders who bought at a lower price still made a profit, but a large portion of them are "out the money," meaning that many holders are still waiting for a better price. As for the asset's future, the number of significant transactions has dropped significantly, suggesting a decrease in whale activity after the recent sell-offs. If the current sell-off doesn't cause mass panic, then the market may be able to recover from the shock without a significant price change. Investors and traders will be keeping a close eye on SHIB to see if it can maintain its current level of support or succumb to further selling pressure.