Shiba Inu (SHIB), the dog-themed cryptocurrency that has captivated the crypto community, is witnessing a remarkable surge in large transaction volumes. According to data from IntoTheBlock, SHIB’s large transaction volume has skyrocketed by an astonishing 367%, reaching $43.52 million or 3.21 trillion SHIB in crypto terms. This dramatic increase highlights a significant uptick in whale activity, suggesting a renewed interest from institutional investors and large holders.
Large Transaction Volume, a key metric indicating the total amount transacted by whales and institutional players in a single day, is often used to gauge market sentiment and potential price movements. The recent spike in SHIB’s large transaction volume points to heightened activity among whales, who could be either accumulating or offloading their positions.
This surge in whale activity comes as Shiba Inu’s price shows signs of recovery. Over the past 24 hours, SHIB’s price has climbed by 2.22%, continuing its upward trend. After hitting a low of $0.00001231 on September 6, SHIB has managed to rebound, reaching a high of $0.0000137 on September 9. At the time of writing, SHIB is trading at $0.0000134, slightly easing from its recent high.
The recovery of Shiba Inu’s price is aligned with a broader market rebound. Bitcoin, which had struggled earlier in the month, is also making a comeback, recovering from a dip below $53,000 last Friday. This positive shift in the cryptocurrency market comes amid a rise in U.S. stocks, with both the Nasdaq and S&P 500 gaining 1.15% on Monday. Historically, September has been a challenging month for cryptocurrency prices, but October and the final quarter of the year have often brought more favorable conditions.
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As SHIB’s price continues to recover, all eyes are on the cryptocurrency’s performance in the coming days. The market will be keenly watching for a potential break above the daily SMA 50 and 200, which could set the stage for a rally towards $0.00003. With whale activity on the rise and broader market trends showing signs of improvement, Shiba Inu could be poised for significant gains if the current bullish momentum persists.
In summary, Shiba Inu’s impressive surge in whale activity and recent price rebound indicate a potentially bullish trend. Investors and market watchers should stay tuned as SHIB navigates this pivotal moment, with the potential for further gains on the horizon if the positive trends continue.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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