Network activity on Shiba Inu spiked after an unidentified whale made a large transfer on an exchange, perhaps for selling. The sequence of transactions from a wallet beginning with 0x859 shows that whales have transferred a total of 100 billion SHIB tokens in what looks to be a selling frenzy. Nevertheless, in light of SHIB’s optimistic performance, their actions pose certain concerns.
Such large transactions appear to have the ability to agitate the market and lower prices as a result of more selling pressure. The SHIB price chart indicates that the market is attempting to establish steady footing as it tightens price movement with a descending trend.
SHIB has been moving in a smaller range, which might indicate that a breakout is about to occur. Resistance levels are located at the $0.000029 recent highs. Support levels, however, are still holding close to $0.000023. The 50 EMA is one of the most important indicators to monitor as SHIB consolidates.
But delving into Shiba Inu’s on-chain stats provides further context. Numerous addresses are shown in the data to be “in the money,” which indicates that holders who purchased at a discount continued to make money. However, a sizable portion are still “out of the money,” indicating that many investors could still be holding out for more favourable terms.
With regard to the asset’s future, a discernible decline in the volume of major transactions indicates a lull in whale activity following the most recent sells. Should the sell-off fail to incite wider fear, the market may withstand the blow without seeing a significant shift in price. SHIB will be actively watched by traders and investors to see whether it can hold into its support levels or if more selling pressure causes it to give up.
