Shiba Inu (SHIB) saw a significant spike in whale activity overnight. While the volume of token transfers surged by 40%, SHIB's price remained stable.
Dramatic Increase in Token Transfers
According to data from IntoTheBlock, between August 12 and 13, major SHIB holders moved 351.6 billion tokens, significantly up from 240.13 billion the previous day. Such an increase in activity may signal sales on exchanges or withdrawals to cold wallets.
Potential Resistance Breakout
Technical data indicates that SHIB is approaching a critical resistance level that has capped recent rallies. The 4-hour SHIB/USDT chart on Binance shows repeated tests of this barrier, and analysts suggest that breaking it could accelerate buying momentum towards the $0.00002 level.
Current SHIB Trading Patterns
During the reported period, SHIB's price hovered around $0.000014, briefly peaking at $0.00001425 before dipping to about $0.00001360 and rebounding to $0.0000138. Trading patterns exhibited no panic selling, with buyers maintaining a stable range.
The surge in whale activity without a significant price drop and technical indicators hinting at a potential breakout creates an intriguing situation for traders and investors. Monitoring these metrics may assist in making market decisions.
