The Shiba Inu cryptocurrency (SHIB) is seeing a notable resurgence in whale activity, with large transaction volumes increasing by 41.39% in the last 24 hours.
Whale Activity Resurgence
In the past 24 hours, the volume of large transactions in the Shiba Inu network reached an impressive 2.79 trillion SHIB, approximately valued at $76.48 million. Large transactions are typically those exceeding $100,000, often involving institutional investors or significant holders. This increase might reflect major players re-entering the market.
Market State and Price Impact
Despite whale activity, overall trading activity for Shiba Inu decreased by 18.25% to $679.45 million in the last 24 hours, as reported by CoinMarketCap. Previously, whale transaction volumes dropped from 18.85 trillion SHIB on December 10 to just 1.9 trillion by December 13. The market is experiencing downward pressure with total liquidations around $252 million in one day, exacerbating the decline for many cryptocurrencies, including SHIB.
Potential Scenarios for SHIB
Currently, the price of SHIB has fallen by 3.49% over the last 24 hours, reaching $0.00002736, marking a 14% decline for the week. While whale activity could be seen as a positive sign, for SHIB's price to recover, positive investor sentiment and a broader market rally will likely be crucial. The critical resistance point for SHIB is around the $0.00003 mark. Should this barrier be breached, potential price advancements could reach $0.000033, possibly even $0.000039 or $0.000046. Conversely, if SHIB falls below the 50-day simple moving average of $0.0000246, bearish momentum could take hold.
The return of whale activity in the Shiba Inu network may indicate a shift in market sentiment, but long-term prospects remain uncertain. Investors should watch key indicators and market dynamics to assess future steps.
