17 Trillion Shiba Inu (SHIB) in 7 Days: What’s Happening?
Over the past week, there has been a surge in on-chain activity for Shiba Inu tokens, with over 17 trillion being moved. This increase in transactions has caught the attention of traders and analysts, leading to excitement and confusion in the market. The high volume of activity could be due to speculation surrounding potential new alliances and listings on major exchanges.
Announcements and rumors often have a significant impact on market behavior, with trading volumes rising as investors position themselves for potential price movements. Shiba Inu’s price has experienced notable volatility, with the chart analysis indicating a consolidation phase as the support and resistance levels are regularly tested. This suggests that SHIB may be approaching a critical decision point.
The breaking out of the current price range could result in a significant upward or downward trend. It is also crucial to watch the moving averages, particularly the 200-day MA for long-term trend direction and the 50-day MA as a level of support. Currently, SHIB is nearing these important levels, which adds to the intrigue.
Furthermore, there has been a sharp increase in the volume and number of large transactions, reaching a peak on June 5th at 161 trillion SHIB and 731 transactions. This suggests that major players in the market may be positioning themselves for an anticipated rise in volatility.
While the surge in on-chain activity and potential bullish movements in the future are intriguing, it is important to note that nothing is guaranteed in the cryptocurrency market. Traders and investors should proceed with caution and conduct thorough research before making any decisions.