- Shiba Inu’s token surge fuels speculation of major market moves.
- Will SHIB’s on-chain activity lead to a breakout or correction?
- Massive 4.25 trillion token transfer stirs buzz in crypto markets.
Shiba Inu has captured the crypto world’s attention with an extraordinary surge in on-chain activity. According to recent data from Etherscan, SHIB’s token transfer volume soared to a staggering 4.25 trillion tokens, marking a dramatic increase from the previous 1.1 trillion.
In spite of the increase in volume, the volume of transactions has not changed significantly and stands at 5,355. This sudden increase in token movement has led to speculations about what could be done by whales, the large holders, leading to speculation about market changes.
Analysts believe that the explosion may be connected with whale accumulation or the transfer of tokens between wallets. In the past, such a sharp increase in volume has frequently been a prelude to a significant movement, and many are speculating whether a big market move is in the wings.
Nevertheless, the enormous transfer activity has not affected the market price of SHIB, with the token trading around $0.0000125. Such stability is in stark contrast to the on-chain boom, which raises further questions about the asset’s possible future.
Source: Etherscan
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Will SHIB’s Price Break Out or Experience a Major Correction?
SHIB is currently trapped in a tight symmetrical triangle pattern on its daily chart. The token has found support at $0.000012, but efforts to push beyond the $0.000014 zone have repeatedly faltered.
The fact that the triangle is getting narrow indicates that a breakout may be in the offing. Nevertheless, resistance remains a factor, and thus, there is an equal likelihood of a price drop, which can have a considerable effect on SHIB.
Although the trading volumes in the exchanges have been low relative to earlier this year, which contributes to the uncertainty, the Relative Strength Index (RSI) is neutral, which means that traders are not eager to make a firm decision. This technical consolidation will increase the expectations as traders will be waiting to see the next big move in SHIB.
It is not clear yet whether the spike in on-chain activity will result in a breakout rally or a sharp decline.
As whale activity persists and the market structure tightens, SHIB’s next step will probably be determined by how it processes the current consolidation. A resolution in either direction could reshape the token’s short-term prospects and offer a clearer market outlook for the coming weeks.
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