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According to Shiba Inu’s on-chain data, large transactions recorded have increased to 341 in the last 24 hours from 82 transactions at the week’s low, implying a large increase in investors. The total volume of these large transactions amounts to 5.7 trillion SHIB, having reached the seven-day high of 8.97 trillion SHIB on May 16, 2024.
There are a few reasons that this increased activity in big transactions may be taking place. Expectations over some major price action might have caused whales to reposition. Other than that, it could be strategic portfolio adjustments, new partnerships or ecosystem developments within the Shiba Inu project that have not been announced yet.
According to the SHIB price chart, Shiba Inu is trading within an uptrend channel pattern, with the current price level at about $0.00002550. The 50-day exponential moving average is supporting the price, and the 200-day exponential moving average is closing in below the current price, indicating a generally medium- to long-term bullish trend.
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The Bollinger Bands are slightly expanding, indicating that volatility is starting to pick up and could very soon bring more substantial price moves. The Relative Strength Index stands at 54.79, showing that SHIB has not been oversold or overbought, hence, there could be a potential upward move.
One way or another, the most likely reason behind the surge is lying beneath the upcoming surge of large transfers. Whales have the means to access pieces of information and resources that normal traders do not have, thus positioning themselves in anticipation of changes on the market. By doing so, the rise in activity on SHIB can be taken as an indication of their confidence about potential future gains from putting money into Shiba Inu.
