Token faces massive price and volatility increase as some investors lose hope for recovery rally
As always, there is a certain group or type of investors who cause large fluctuations in the market. The most recent Shiba Inu rally is no exception, as sentiment Highlighted the increased activity among whales, which produced over 430 SHIB transactions worth over $100,000.
Since Aug. 13, Shiba Inu gained over 23% to its value and reached a price the market has not seen in the last few months. According to the activity of large addresses, whales are getting ready for a sudden price and volatility spike, as we saw plenty of large purchases and transactions ahead of the price spike.
Where do whales send their holdings?
Most of the transactions highlighted by Santiment are wallet-to-wallet transactions, as whales often use multiple wallets to redistribute their holdings for better management. Unfortunately, trading volume on SHIB today shows that some traders sold their holdings, which was immediately reflected in the token’s market performance.
In the last 24 hours, SHIB lost more than 13.6% of its value while showing the biggest spike in trading volume on Aug. 14 in the last 260 days. Such a large increase in the netflow around the token is a positive sign that might give SHIB investors hope for another recovery rally.
For now, SHIB has successfully breached the local resistance level of the 200-day SMA and faced an even stronger resistance at the 50-week MA, which is now acting as a barrier ahead of the $0.00002 price level. Is.
At press time, SHIB is changing hands at $0.00001540 and is showing an 8% correction in the last 24 hours.
