Whale Transactions Buy Shiba Inu (SHIB): Up 724%, What's Up?

Bittime - Shiba Inu (SHIB) recently recorded a significant spike in net inflows from whale, with an astonishing 724% increase in the past week, according to a report from IntoTheBlock. This rise may have been fueled by positive sentiment in the broader crypto market, encouraging whales to strengthen their positions in various digital assets.

Consolidation and Potential Price Movements

Despite the surge in transactions, Shiba Inu has remained stuck in consolidation between the 50-day and 200-day moving averages since mid-December. A narrowing trading range indicates that a major price move may be imminent. 

SHIB to USDT via Market Bittime

If the price manages to break above the 50-day moving average, this could trigger a new uptrend for SHIB, allowing the token to break out of its current range. Conversely, if downward pressure continues, the 200-day moving average will serve as an important support level.

Read too How to Buy Shiba Inu (SHIB)

What to Expect Next?

With market conditions constantly changing, many are wondering about the next direction for Shiba Inu. Will this surge in whale transactions lead to significant price movements? Investors and market observers will continue to monitor these developments to determine their next steps.

Read too Shiba Inu Token Price Prediction for 2025, Will SHIB Value Increase or Decrease?

Shiba Inu (SHIB) Whale Transaction Surge FAQ

1. What caused the 724% spike in Shiba Inu whale transactions?

The 724% surge in Shiba Inu (SHIB) whale transactions is likely due to positive sentiment in the overall crypto market. Large holders, or whales, may see an opportunity to strengthen their positions in SHIB and other digital assets.

2. What does the consolidation of SHIB price between the 50-day and 200-day moving average mean?

SHIB price consolidation between the 50-day and 200-day moving averages suggests that the price has been stuck in a narrow range since mid-December. This indicates that a major price move may be imminent, either upward or downward, depending on whether price manages to break through either of the two averages.

3. What could happen if SHIB breaks above or below the moving average?

If SHIB manages to break above the 50-day moving average, it could trigger a new uptrend and take the token out of its current consolidation range. Conversely, if downward pressure persists and the price falls below the 200-day moving average, this could indicate the potential for further declines, with the level serving as important support.

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Reference

Finbold, Shiba Inu’s Whale Transactions Spike 724%—What Are They Accumulating?, Accessed February 4, 2025

Author: IN