Shiba Inu’s on-chain data shows that the number of major transactions recorded has climbed from 82 at the week’s low to 341 in the previous 24 hours, suggesting a significant increase in investors. These big transactions had a total volume of 5.7 trillion SHIB, having peaked on May 16, 2024, at 8.97 trillion SHIB.
There might be several causes for this surge in large-scale transaction activity. Whales may have repositioned due to expectations of a significant price move. Other than that, it can involve unannounced strategic portfolio alterations, new alliances, or ecological advancements inside the Shiba Inu initiative.
The SHIB price chart indicates that Shiba Inu is presently trading at a price level of about $0.00002550 within an uptrending channel pattern. A medium- to long-term bullish trend is indicated by the 50-day exponential moving average sustaining the price and the 200-day exponential moving average falling in below the present price.
The Bollinger Bands’ minor expansion suggests that volatility is beginning to increase and may soon result in more significant market movements. With a Relative Strength Index of 54.79, it indicates that SHIB has neither been overbought or oversold, suggesting that an upward rise may be imminent.
In one form or another, the most plausible cause of the rise is likely concealed behind the impending wave of significant transfers. Whales position themselves ahead of shifts in the market because they have access to resources and bits of knowledge that regular traders do not. As a result, their increased confidence in the prospective returns on investing in Shiba Inus may be inferred from the increase in activity on SHIB.
