Shiba Inu (SHIB) cryptocurrency may be gearing up for a potential reversal, as new data shows whale accumulation.
Increase in SHIB Whale Activity
According to IntoTheBlock, large holder netflows for SHIB have increased by 207%, indicating a shift in sentiment among large investors. In the past 24 hours, the volume of large transactions (over $100,000) has increased by 80.80%, reaching $14.43 million. Spikes in large transactions typically imply increased whale activity, which may hint at their actions as the market awaits clarity.
Impact of Volatility on SHIB Price
Recent market volatility has affected the price of Shiba Inu. Following a continuous slide to lows of $0.00001005 on June 22, SHIB rebounded to $0.00001192, where it encountered resistance. Currently, the price is fluctuating around $0.000011, trading between $0.000011 and $0.00001192 since June 24. At the time of writing, SHIB is up 2.11% in the last 24 hours to $0.00001136.
Market Expectations for Macroeconomic Triggers
With no other catalysts anticipated, the markets are broadly waiting for macroeconomic triggers for the next major move. The Federal Reserve is contemplating its next move on interest rates, and it is widely expected that interest rates will remain unchanged at its late July meeting. However, some officials have recently advocated for a cut if inflation data shows moderate pressure.
Whale activity and the current price state of Shiba Inu indicate potential shifts in the market. Observing the macroeconomic situation, investors may prepare for upcoming events.
