Recent trading activities have shown a significant rise in Shiba Inu (SHIB) trading volumes, reaching 15.05 trillion, while the token's price continues to decline.
SHIB Trading Volumes Surge
CoinMarketCap data indicates that trading volumes for SHIB have surged by 61% over the last 24 hours, reflecting a heightened interest from traders. During this short period, 15.05 trillion SHIB tokens changed hands.
Price Decline of SHIB
Despite the increase in trading volumes, the price of SHIB has dropped by 6.52% in the past 24 hours, now sitting at $0.00001055. On a weekly basis, the token is down by 12%. This decline has occurred in the midst of a broader market sell-off, resulting in over $701 million in liquidations.
Is a SHIB Reversal Possible?
Analysts note that there has been increased activity from large holders (whales) in the market, fueling speculation of a potential reversal. Large holder inflows have surged by 1,048% over the past week, adding to the excitement about a possible SHIB recovery. However, given the overall weakness in the market, caution is advised.
The dynamics of trading volumes and whale activity suggest a potential SHIB reversal, but the current market situation requires careful analysis.
