Shiba Inu (SHIB) Records 17 Trillion Token Transactions, Will Prices Soar?

Bittime - In the past week, more than 17 trillion SHIB tokens changed hands. This triggered a significant increase in on-chain activity.

This spike in activity has analysts and traders wondering. Does SHIB's movement signal a potential price increase in the near future? Keep reading this article to find out the review.

Transaction of 17 T SHIB Tokens Attracts Attention

Shiba Inu is known as a meme coin with an active community. The fantastic SHIB transactions, 17 trillion in a week, certainly attract attention.

This increase in activity could be caused by several factors. One of them is speculation about new collaborations or listing on well-known crypto exchanges.

In the crypto world, rumors and announcements often influence market movements. When investors predict a potential price increase, trading volume will usually increase.

If we observe the SHIB price chart recently, we can see quite significant fluctuations. Price movements that often touch support and resistance levels indicate a consolidation phase. This phase is often a sign that the SHIB price is preparing to take a decision in a certain direction.

If SHIB price manages to break through the current price range, then we could see a significant upward or downward trend. Apart from price movements, another indicator that you need to pay attention to is the moving average (MA).

In general, the 200-day MA shows a long-term trend, while the 50-day MA acts as a support or price resistance level. Currently, SHIB price is near these important levels.

If the 200 day MA is still below the SHIB price, this could be a bullish or optimistic signal. However, on the other hand, if the 200 day MA penetrates above the price, then you need to be wary of the potential for a price decline in the future. Large transaction data also provides an interesting picture.

The Volume and Number of SHIB Transactions Experienced a Sharp Increase

The volume and number of large transactions experienced a sharp increase, with the peak occurring on June 5, namely 161 trillion SHIB with 731 transactions. This could be an indication that big players are preparing to face increased SHIB price volatility in the future.

Looking at these various indicators, predictions of SHIB price movements in the near future are still gray. However, spikes in on-chain activity and large transactions are worth paying attention to because they can signal potential significant price movements, both upward and downward.

Investors are expected to continue monitoring SHIB's developments. Apart from that, investors are also expected to carry out a comprehensive analysis before making investment decisions.

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