SHIB’s Large Transactions Surge by 98%, Buy Sign or What?
Shiba Inu (SHIB), the second-largest crypto meme coin, is gaining attention from whales and institutions amid ongoing price consolidation, signaling a bullish trend. According to on-chain analytics firm Enter the neighborhoodSHIB’s large transaction volume surged by 98% in the past 24 hours, which shows the large participation of whales and institutions.
Whale activity: Large transaction volume surges 98%
This massive increase is a bullish sign for the asset and could support an upcoming rally as it has the potential to attract retail investors and traders. Additionally, SHIB’s foreign exchange reserves have fallen significantly over the past 24 hours, further reinforcing SHIB’s bullish outlook.
Whales withdraw 1.67 trillion tokens
According to data from on-chain analytics firm Santiment, more than 1.67 trillion SHIB worth nearly $41 million have been withdrawn from exchanges in the past 24 hours. Historically, the last time SHIB experienced a similar surge in exchange outflows, the meme coin’s price increased by nearly 62%.
This time, however, investors and whales showed strong participation, as reflected in trading volume, likely driven by expectations of an imminent rise in SHIB, resulting in trillions of tokens being withdrawn.
Current Price Momentum
Although on-chain indicators are showing bullish momentum, SHIB is currently struggling to gain traction. At press time, the Meme coin was trading close to $0.000024, with the price down 3.25% in the past 24 hours.
During the same period, its trading volume fell by 12.5%, indicating reduced trader and investor participation due to FLOKI’s continued price consolidation.
SHIB Technical Analysis and Upcoming Levels
According to CoinPedia’s technical analysis, SHIB is forming a descending triangle pattern on the four-hour time frame and is currently on the verge of a breakout. Based on historical price momentum, if SHIB breaks out of this pattern and closes a four-hour candle above the $0.000026 level, then same corner An initial rise of 13% is likely to reach the next resistance level at $0.000030.
Furthermore, if SHIB breaks this barrier, it is likely to rise another 25%, targeting the $0.000038 level as its second milestone.
As of now, SHIB’s technical indicators, including the Relative Strength Index (RSI) and the 200 Exponential Moving Average (EMA), are hinting at bullish momentum and further suggest that an upward rebound is likely in the coming days.
