2 Trillion SHIB Traded in 24 Hours: Is Shiba Inu Poised for a Major Surge?

Shiba Inu (SHIB) has seen a notable increase in whale-tier transactions, suggesting a potential rise in volatility. Over the past 24 hours, 82 significant SHIB transactions totaled 1.7 trillion SHIB. However, this surge in whale activity aligns with the lowest activity levels in the past week, raising questions about the sustainability of this trend.

Declining Transaction Volume Signals Market Uncertainty

The transaction volume reached $40.48 million in the last day, significantly lower than the week’s peak of $223.76 million. This decline in volume suggests a possible lack of consistent buying interest. The current market conditions indicate that these large transactions might not lead to the anticipated price surge many are hoping for.

SHIB/USDT Chart by TradingView

Shiba Inu Faces Resistance at 50 EMA Amidst Narrowing Bollinger Bands

Shiba Inu is currently hovering around the 50 Exponential Moving Average (EMA), struggling to break through this level. The Bollinger Bands are narrowing, typically a sign that a volatility spike could be imminent. However, without substantial trading volume, this might not translate into significant price movement. The Moving Average Convergence Divergence (MACD) histogram shows a declining trend, indicating weakening bullish momentum.

Whale Transactions: Internal Shuffling or Market Moves?

The substantial whale transactions might represent internal shuffling or consolidation rather than genuine market interest. Despite the high transaction volumes, the price movement remains relatively flat, suggesting that these transactions are not translating into increased market demand. For SHIB to experience a significant price surge, consistent buying pressure and higher trading volumes are necessary, both of which are currently absent.

While the recent surge in whale transactions might initially appear bullish, the underlying data suggests Shiba Inu is in a consolidation phase. Without a significant influx of new buyers or increased trading activity, SHIB is likely to continue trading sideways. For a substantial price increase, Shiba Inu needs fresh inflows, not just the activity of large existing holders.