While the price of Shiba Inu continues to decline, there is a significant increase in transaction activity, drawing analyst attention.
Volatility and Transaction Volume
Shiba Inu is showing enormous trading volume on-chain, reaching 24 trillion SHIB in early June. Notably, the whale transaction volume has skyrocketed by 600%, which appears unusual against the backdrop of price declines.
Current Market Situation
Analysis shows that SHIB remains trapped beneath a strong resistance cluster situated between $0.0000130 and $0.0000140. Daily trading volumes on exchanges have remained relatively flat, indicating a lack of interest from retail traders.
Growth Prospects for SHIB
The current dynamics suggest a potential upcoming volatility spike. Daily trading volumes hitting 11.6 trillion tokens hint at sustained interest from large players, possibly foreshadowing significant price movements if SHIB can break above key resistance levels.
Despite the bearish market, the activity on the Shiba Inu blockchain and rising transaction volumes may indicate preparations for price growth if the token can break through key levels.
