A Total Of 1.9 Trillion SHIB Token Traded Whales In A Day

A total of 1.9 trillion SHIB tokens are traded by whales in a day (Photo; Doc. U.Today)

JAKARTA - Shiba Inu (SHIB) is again stealing attention. After some quiet time, this crypto market has stretched with massive transactions of 1.9 trillion SHIB in the last 24 hours. This activity was triggered by whales, the name for the big crypto asset holder, who is back on active.

The return of this great activity raises speculation that the Shiba Inu may be preparing for a change in price direction after the stagnant period. This surge in transactions not only caught the attention of investors, but also marked a significant potential market shift.

Quoted from Economic Times, according to the latest report, as many as 1.9 trillion SHIBs have been traded in a day. This transaction recorded a significant spike in activity from large SHIB holders. The data show that on September 4, 2024, 100 major transactions were recorded in one day's highest number in the last seven days. This activity signifies the new interest of the whales, which often affects market movement as a whole.

Usually, large transactions like this are often followed by an increase in price volatility. Given that high transaction volume usually has a direct impact on price fluctuations, this spike in activity may be a sign that the Shiba Inu is ready to move in a more positive direction.

In the last seven days, the highest number of transactions reached 2.65 trillion SHIB on September 4. The large spike in on-chain transactions hints that the SHIB market is building momentum after some time experiencing a decline.

Although SHIB is still trading below the Exponential Moving Averages (EMA) 50, 100, and 200 days, the increase in large transactions could be a sign of change. Technically, the Relative Stretch Index (RSI) indicator at 43 indicates that SHIB is in oversold condition, which means there is a possibility for the price to reverse up in the near future.