Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With over 3 trillion SHIB tokens moved in a single day, Shiba Inu has witnessed an extraordinarily high spike in transaction volumes lately. The price of SHIB has shown little to no discernible movement in the market despite this enormous volume.
There are concerns about what might be going on behind the scenes and what this strange activity might signify for SHIB’s future. The accumulation of SHIB by significant investors or whales could be one reason for this spike in large transactions. During accumulation periods, large holders frequently acquire assets without significantly affecting the market price, typically as a sign that they believe the asset’s value will increase in the future.
Despite the high volume of transactions, SHIB’s price has remained stable, which may indicate that these significant transactions are being carried out deliberately to prevent creating market volatility. The transfer of SHIB tokens between major exchanges is another possible reason.
Related
These transfers frequently take place as exchanges adjust their reserves or get ready for something like an airdrop of new trading pairs listing or delisting. Although these changes usually have no direct effect on the market, they may signal important internal changes at the exchanges that hold SHIB.
Shiba Inu’s on-chain performance is also linked to this dynamic. The data indicates that there has not been a price increase in tandem with the spike in large transactions and the volume of SHIB being moved. This discrepancy implies that the market is either consolidating at the moment or getting ready for a possible move in the future.
The notion of a market in wait-and-see mode is supported by the Bulls and Bears metric, which likewise reveals a fairly balanced distribution devoid of an overwhelming dominance of buyers or sellers.
Credit: Source link
