Large SHIB token transactions have increased by an astounding 400% recently. Due to this extraordinary action, there is conjecture that the cryptocurrency “whales” may be awakening and becoming more noticeable in the market.
Shiba Inu made history just the day before yesterday when it managed to break over the 21 Exponential Moving Average (EMA). But the celebration was fleeting.
Whale Alert: SHIB Surges 400% – Are Shiba Inu Whales Active?,Whale Alert: SHIB Surges 400% – Are Shiba Inu Whales Active?
The cryptocurrency has reversed course today and is now back below the 21 EMA. Naturally, concerns regarding what is affecting SHIB’s trajectory arise in light of such erratic price action over such a short period of time.
A plausible explanation for this abrupt volatility in price might be the recent unfounded speculation over the acceptance of Bitcoin as a spot ETF. This erroneous rumour regarding Bitcoin had a similar rippling impact on other altcoins as it did on SHIB’s price dynamics.
The initial frenzy that drove the price of Bitcoin upwards also drove up the value of SHIB and other tokens. But when the rumor’s veracity came to light, the market changed, and prices fell everywhere, including SHIB.
The notable rise in SHIB’s big transactions is another important factor to take into account. It is impossible to avoid speculating that a 400% increase may be an aftereffect of yesterday’s market explosion. This sharp increase in activity suggests whales and other important species are involved.
Their increased engagement may have a variety of justifications, such as trying to make big gains, making portfolio adjustments, or taking positions in particular markets. Since these heavyweights have the ability to affect supply and demand dynamics, their entry or leave can have a major impact on market mood.
The SHIB token’s erratic price movement over the past 48 hours may be explained by their recent actions.
Whale Alert: SHIB Surges 400% – Are Shiba Inu Whales Active?,Whale Alert: SHIB Surges 400% – Are Shiba Inu Whales Active?,Whale Alert: SHIB Surges 400% – Are Shiba Inu Whales Active?, SHIB Coin Crypto news, SHIB Coin News