SHIB Market Analysis

A seven-day high of 4.68 trillion SHIB was recorded, reflecting an unexpected spike in transaction volume on the Shiba Inu market. This notable increase begs the questions of who is responsible for the enormous movement and what it means for the future of SHIB’s price.

When looking at the on-chain data, SHIB has seen varying transaction volumes with unexpected spikes that may indicate institutional or whale involvement.

The price of SHIB has increased by a slight 1.34% over the past day, and it is currently trading at about $0.00001357. Despite these volume spikes, the price has had difficulty breaking through important resistance levels at $0.00001662 and $0.00001700. High buying pressure is not always indicated by a spike in transaction volume.

Large-scale transactions have historically preceded significant price movements or periods of asset sales by major holders. A redistribution of tokens is indicated by on-chain addresses data showing a decrease in addresses holding between 1 million and 10 million SHIB (-0.98%) and between 10 million and 100 million SHIB (-0.48%).

A closer examination of the data reveals that whales with more than 100 billion SHIB are essentially unchanged, indicating that large-scale holders are either consolidating or preparing for a strategic move. A possible market exit is suggested by the -12.90% decline in mid-tier investors’ holdings, ranging from $1,000 to $10,000.

This change supports the theory that while whales hold onto their positions, retail traders may be losing faith. SHIB may try a move toward $0.00001700, a crucial resistance level if it can maintain above $0.00001468. Support is at $0.00001185, but failure to maintain current levels may lead to another decline.

Market players should monitor ongoing volume patterns and whale activity, as abrupt actions by large holders could dictate the next significant price movement. Ultimately, while the 4.68 trillion SHIB transaction volume indicates increased activity, it remains unclear if this signals an upcoming sell-off or a bullish breakout.