E Point Perfect

Shiba Inu (SHIB) 25% Rally Caused by This Group of Investors

article image

Arman Shirinyan

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 are causing large swings on the market. The most recent Shiba Inu rally is not an exception, as Santiment highlighted the increased activity among whales that produced more than 430 SHIB transactions valued at more than $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 transactions highlighted by Santiment are wallet-to-wallet transactions, as whales ‌often use several wallets to redistributing their holdings for better management. Unfortunately, the trading volume on SHIB today suggests that some traders sold their holdings, which was immediately reflected in the market performance of the token.

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 successfully broke through the local resistance level of the 200-day moving average and faced even stronger resistance of the 50-week moving average, which now acts as a barrier ahead of the $0.00002 price level.

At press time, SHIB is changing hands at $0.00001540 and is showing an 8% correction in the last 24 hours.

Source link

Related posts

Cardano (ADA) Beats Dogecoin, Ethereum and Bitcoin in On-Chain Transfer Volume Growth

Dogecoin’s Transition to Proof of Stake May Cause Greater Pump Than Ethereum Merge

XRPL Reaches Significant Developmental Threshold: Details

152 Billion SHIB Sold by Whales over Weekend after Buying 700 Billion

XRP Suddenly Jumps 8%, Here Is Striking Thing About This Latest Price Increase

Shiba Inu Whales’ Trading Volumes Surge by 511% as Top Holders Reposition