After the Shiba Inu network’s lacklustre performance over the weekend and Monday, whale activity is now starting to increase, signalling a revival. There were close to eight trillion Shiba Inu exchanged among different parties.
Recent data indicates that there has been a noticeable rise in the number of major transactions on the Shiba Inu network. Compared to the seven-day low of 101, the number of major transactions has climbed dramatically during the last 24 hours to 153.
This uptick in activity suggests that the market’s largest participants, or “whales,” are once again showing interest. These whales are moving substantial amounts of SHIB, which may indicate stages of accumulation or tactical placement. During this twenty-four-hour period, almost 7.53 trillion SHIB were transported.
Considering that the market has recovered significantly from the seven-day low of 1.36 trillion SHIB, this suggests that there is a rise in liquidity and activity. Although the market hit a seven-day high of 161 trillion SHIB on June 5, this renewed interest was expected, and the activity today indicates that major players are still actively participating. At around $0.000022, SHIB is now trading just below its 100 EMA.
The current market movement indicates that SHIB is struggling to hold onto significant support levels. Perhaps the rise in large deals portends more to come. If the whales are congregating, SHIB may breach current resistance levels and seek for higher targets.
