Trillions of Shiba Inus (SHIB) in the last 24 hours: What are they doing?
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The Shiba Inu cryptocurrency has seen another round of activity with nearly 1 trillion tokens traded in the last 24 hours. Spikes are certainly frowned upon, but the most important thing is to analyze them correctly to avoid making incorrect assumptions.
Notable transfers include SHIB 137 billion from Crypto.com hot wallets and significant amounts moved between Binance and Coinbase hot wallets. For example, one transaction on the Binance hot wallet included the movement of SHIB 305 billion, while another transaction on the Coinbase hot wallet recorded the movement of 101.068 billion SHIB. These large transfers typically represent strategic moves by major players in anticipation of market changes or in response to fundamental developments within the SHIB community or the broader cryptocurrency market.
Analysis of related addresses shows that both senders and recipients mainly exchange hot wallets, showing higher activity among traders than general holders. This pattern may signify a preparatory step to take a new position or liquidate an existing position, depending on market performance in the near future.
In terms of market impact, the Shiba Inu price chart provides more context. The chart shows a descending trendline with the price currently hovering around $0.0000227. Recent trading coincides with SHIB testing the important support level at $0.00002188. Failure to hold this level could lead to further declines imminent, potentially pushing the price higher towards the next major support at $0.00001788.
Additionally, the 50-day exponential moving average and the 100-day exponential moving average show a potential bearish crossover, which could push the SHIB price further down. These technical setups can influence large trades as traders hedge against a possible recession.
If SHIB can maintain support and bounce, these trades could become part of a broader accumulation strategy by smart investors betting on a recovery. The market’s reaction to these developments will be important in determining SHIB’s near-term trajectory.
Source: https://u.today/trillion-shiba-inu-shib-in-last-24-hours-what-are-they-doing
