Shiba Inu [SHIB] has recently caught the attention of major investors, despite its current price dip.
has recently caught the attention of major investors, despite its current price dip. The on-chain analytics firm Santiment has reported a significant uptick in whale transactions for SHIB, hinting at possible major moves.Despite a retracement of 2.3% decline over the past week, bringing SHIB to a trading price of $0.00002526, whale activity around this altcoin has intensified.
This “Whale Transaction Count” suggests that significant capital movers are actively trading or repositioning their stakes inLarge-scale transactions like these are crucial as they imply that high-net-worth entities or ‘whales’ are taking notable positions in the coin, which could forecast upcoming volatilityHowever, it’s challenging to determine whether these moves are accumulative buys or preparatory sells as the data does not specify the nature of these transactions.
The activity level of these whales can serve as a barometer for the altcoin’s potential price movements. A continued high transaction count could lead to increased price fluctuations in the near term. Santiment’s report suggests that the current spike in whale transactions might be a sign of accumulation, where investors are possibly increasing their holdings in anticipation of future price increases.However, not all indicators are bullish. The number of active SHIB addresses has seen aThis decline in active addresses could indicate waning interest or reduced overall trading activity, potentially leading to downward pressure on prices.of 2.
This rise in open interest, coupled with a decrease in trading volume, which has fallen by approximately 38.52% in the same period, suggests a cautious market sentiment towards SHIB.
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