Shiba Inu has recorded an unexpected surge in on-chain activity, drawing attention despite its persistent price struggles. The token’s transaction volume soared in June, with a massive 24 trillion SHIB exchanged in early June alone.
This shift comes even as SHIB continues to face resistance at key technical levels. Bullish attempts have been repeatedly rejected in the range of $0.0000130 to $0.0000140. Candlestick reps have also been building up under this area, keeping in line with the 50, 100, and 200-day exponential moving averages. Every EMA keeps putting pressure on the price dynamics.
In the meantime, a 600% increase in the volume of whale transactions has also appeared as a new fact. This increase in big transfers has meant an increase in activity beneath the surface, even though retail volume on exchanges is still relatively stagnant.
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SHIB on-chain data indicates that as recent as June 30, 11.6 trillion tokens were exchanged, demonstrating the existence of strategic actions of the larger holders.
Even though the on-chain dynamics are in overdrive, other metrics, such as the Relative Strength Index (RSI), remain situated under the 50-level. RSI is in poor shape and continues to place SHIB under technical bearishness. In addition, the 200 EMA is headed down gently, underpinning the current downward trend.
Source: Tradingview
Signs of Strategic Accumulation Amid Price Rejection
The rising transaction volumes, especially from large holders, suggest a potential accumulation phase rather than distribution. This behavior typically precedes volatility, particularly when the price remains compressed in a tight range. If SHIB breaks above the EMA cluster convincingly, it could trigger a significant rally or a liquidation-driven move.
Such a breakout would require a sustained close above the $0.0000140 mark to signal a change in sentiment. Until then, the token remains locked in a consolidation zone with limited movement. However, the growing divergence between low price action and high on-chain activity continues to build speculation around a possible trend reversal.
Currently, SHIB’s chart displays signs of preparation rather than execution. Market participants are closely watching for confirmation that recent whale-driven volumes are part of a long-term repositioning strategy.
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