Shiba Inu Price Analysis: A Deep Dive into Recent Trends and Whale Activity
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Shiba Inu’s Recent Price Movement: A Struggle to Maintain Momentum
Over the past week, Shiba Inu’s price trajectory has shown a decline from its peak of $0.00001514. Despite a brief surge on April 26, following an upward movement in Bitcoin, the cryptocurrency has retracted and is currently trading near $0.0000132. This trend indicates a general caution among Shiba Inu investors, even as Bitcoin seems ready to surpass the $95,000 mark.
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The Influence of Whale Activity on Shiba Inu’s Price
As the Shiba Inu price exhibits subdued movement, recent on-chain analytics highlight a significant trend in whale activity that may be affecting this behavior.
Decline in Large Transaction Volume: A Seven-Day Low
According to analytics from IntoTheBlock, Shiba Inu’s large transaction volume has reached its lowest point in the past week. This is based on the Large Transactions Volume metric, which measures the number and volume of large transactions within a day.
Data shows that in the last 24 hours, only 34 large transactions occurred, totaling 1.79 trillion SHIB, equivalent to $23.66 million. This is part of a broader trend of reduced whale activity over the past week. The most active day was April 25, with 109 transactions totaling 2.93 trillion SHIB or around $41.41 million. Despite this, the volume remained below the $50 million threshold, with subsequent days showing a steady decline.
Understanding the Drop in SHIB Whale Activity
Large transactions, typically over $100,000, are crucial in gauging institutional interest or whale involvement in a cryptocurrency. The current low transaction numbers suggest hesitance from major SHIB holders in either accumulating or distributing their assets.
Comparing this slowdown to previous periods of heightened activity, such as January 7, when the transaction volume surged to 34.42 trillion SHIB ($751.22 million), highlights the stark change in market sentiment and engagement. This current cautiousness among large holders may reflect a wait-and-see approach until a clearer price trend emerges.
Potential for Price Surge: A Technical Perspective
Despite the current stagnation, some technical analyses suggest a potential for significant price growth. An analyst predicts Shiba Inu could experience a 1,479% increase, potentially reaching $0.000220, marking new all-time highs.
As of now, Shiba Inu is trading at $0.00001332, presenting an intriguing opportunity for investors waiting for the next big move.
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