Large SHIB token transactions have increased by a stunning 400% recently. This unheard-of action has sparked suspicion that the crypto market’s “whales” may be awakening and asserting themselves.
Shiba Inu made a significant advancement only yesterday by cleanly clearing the 21 Exponential Moving Average (EMA). The joy, though, didn’t last long. The cryptocurrency has reversed course today and is now back below the 21 EMA. Questions regarding what is affecting SHIB’s trajectory are inevitably raised by such dramatic price action in such a little period.
The recent unfounded rumour of Bitcoin’s acceptance as a spot ETF might be one cause for this abrupt price change. This erroneous rumour concerning BTC had a similar impact on SHIB’s price dynamics as it did on other altcoins. BTC’s price increased because to the initial enthusiasm, which also caused SHIB and other tokens to increase in value. But once the rumor’s origins became clear, the tide shifted, and prices fell everywhere, even for SHIB.
The striking rise in big transactions on SHIB is an additional crucial factor to take into account. One cannot help but wonder whether this was a result of yesterday’s market jump given the 400% increase. This substantial increase in activity suggests that whales and other important organisms are involved. Their increasing engagement might have a variety of justifications, such as trying to make significant gains, altering their portfolios, or taking certain market positions.
They have the ability to affect supply and demand dynamics, therefore their entry or leave can have a big impact on market mood. Their recent SHIB token-related activities may help to explain the token’s erratic price movement during the past 48 hours.
