In the last 24 hours, almost 3.5 trillion Shiba Inus were transmitted; this is a more than 2.3 trillion increase from the prior time frame. Since Mt. Gox’s money redistribution caused the most recent spike in market volatility, SHIB whales have been aggressively shifting their funds. However, the most recent news indicates that those funds won’t be sold right away, so the market shouldn’t get too worked up.
One possible explanation for the abrupt increase in SHIB activity is a reorganisation of significant holders’ portfolios. There has been a surge in huge transactions, as seen by the IntoTheBlock statistics, with 268 transactions logged in less than a day.
This is a notable increase above the low of 102 transactions on May 26, 2024, which is now only a few days away. This increase in activity could indicate that whales are reorganising their portfolios in anticipation of a spike in market volatility.
This increase in significant transactions has also been observed in the overall amount of SHIB that changed hands. Despite all of this activity, the price of SHIB has not changed all that much, indicating that the market is not responding sharply to these significant moves. The price is currently in the same range as it has been lately, at about $0.00002552.
According to the chart, the SHIB trading asset is circling a consolidation zone that is situated just above the blue 100-day EMA and below the green 50-day EMA. The 200-day EMA, which is displayed in orange and provides a strong resistance area, is used to test it. The neutral 53-point range appears to be where the RSI is hovering.
Given that the market seems to have calmed down, the way investor whales reposition using SHIB shows the high degree of volatility below and the possibility of price moves. Whales’ large buy-ins and outs typically precede significant market movements, so this is something to be aware of.
