Another surge in activity has occurred in the last day or so for the Shiba Inu cryptocurrency, with transactions totaling about a trillion tokens. There are undoubtedly some people who are surprised by the spike, but in order to avoid drawing incorrect conclusions, it is crucial to properly dissect and analyse the data.
137 billion SHIB were transferred from a Crypto.com hot wallet, and significant sums were moved between the Binance and Coinbase hot wallets. For example, a transaction for 305 billion SHIB was recorded from the Binance hot wallet, while a transaction for 101.068 billion SHIB was recorded from the Coinbase hot wallet. Large-scale transfers of this kind usually signal prominent players making strategic movements, either ahead of market swings or in reaction to underlying events in the SHIB community or the cryptocurrency market at large.
Senders and recipients are mostly trading hot wallets, according to an analysis of the associated addresses. This indicates that traders, not regular holders, are engaging at a high level of activity. Depending on how the market performs in the near future, this pattern may indicate that it is time to either take on new holdings or sell existing ones.
The Shiba Inu price chart gives greater insight regarding market influence. A declining trendline is seen on the chart, and the price is presently at $0.0000227. SHIB is currently testing a critical support level at $0.00002188, coinciding with recent transactions. Should this level fall through, there may be further losses ahead, which may push the price down to the next significant support level at $0.00001788.
In addition, there appears to be a bearish crossover between the 50-day and 100-day Exponential Moving Averages, which might put more downward pressure on the price of the SHIB. Large trades may be impacted by this technical configuration as traders position themselves for a potential slump.
These trades may be a part of a larger accumulation plan by astute investors banking on a comeback if SHIB can sustain support and rise. The short-term course of SHIB will be greatly influenced by how the market responds to these events.
