According to on-chain data, about 6 trillion Shib Inu (SHIB) tokens have been moved between wallets in the last 24 hours. The notable volume has sparked speculations across the SHIB community with members wondering the reason behind the movement. Meanwhile, this has increased the Shiba Inu ecosystem activity, setting a new high in October and hinting at a possible market volatility soon.
However, at this time, it is not clear if the volume of transactions is a result of massive accumulations or sell-offs. If it is widespread buying activity, then it could be interpreted as bullish, suggesting a possible rally in the future. Conversely, if it is a broader sell-off strategy, then it indicates a bearish pattern which could increase the selling pressure on the coin, catalyzing a nosedive in the future.
Meanwhile, on-chain data disclosed that there were 224 notable transactions over the last day which resulted in the size of SHIB moved. Ultimately, Shiba Inu has recorded a marginal uptick in the last 24 hours. As per data from CoinMarketCap, SHIB was changing hand at $0.00001857, representing a 0.67% increase at the time of writing.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.