Shiba

Shiba Inu

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shiba-inu-sees-rising-whale-activity" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Sees Rising Whale Activity</a><br></p>
<p style="text-align: justify">Shiba Inu (SHIB), a popular <a href="https://en.bitcoinhaber.net/solanas-meme-coin-mania-trader-turns-35000-into-10-million" data-wpel-link="internal" rel="noopener noreferrer nofollow">meme token</a>, has witnessed a notable surge in whale activity, according to cryptocurrency analytics platform IntoTheBlock. The volume of large transactions exceeding $100,000 has soared by 295%, indicating significant buying or selling actions by large holders, known as whales. Over the last 24 hours, this activity encompassed 4.95 trillion SHIB, valued at approximately $95.57 million.</p>
<h2 id="what-is-driving-whale-activity">What Is Driving Whale Activity?</h2>
<p style="text-align: justify">The substantial growth in whale activity suggests strategic maneuvers by large SHIB holders to stabilize the cryptocurrency’s price. Despite a 10.44% drop in SHIB’s price to $0.0000181, trading volume has increased by 156% within the same period. This heightened transaction volume could be an attempt by whales to establish a price floor and prevent further declines.</p>
<h2 id="which-support-levels-are-critical">Which Support Levels Are Critical?</h2>
<p style="text-align: justify">Shiba Inu has approached a crucial support threshold where substantial amounts of SHIB have been purchased by numerous <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. IntoTheBlock <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that 501.18 trillion SHIB were acquired at an average price of $0.000016 by 80,950 addresses within the $0.000014 to $0.000019 range. These support levels are essential to halt further price drops.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">In light of recent developments, several valuable insights can be drawn for investors:</p>
<ul>
 <li>Monitor whale activity for potential price floors or ceilings.</li>
 <li>Identify and understand critical support levels to inform trading strategies.</li>
 <li>Consider the impact of large transactions on market stability.</li>
</ul>
<p style="text-align: justify">Should the whale activity effectively defend the 501 trillion SHIB range, it could prevent further depreciation and potentially signal a recovery. Conversely, failure to maintain this support could lead to continued declines, prompting investors to seek new support levels between $0.000008 and $0.000014. This ongoing fluctuation underscores the importance of closely tracking market movements and whale behavior.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/shiba-inu-sees-rising-whale-activity" data-wpel-link="internal" rel="noopener noreferrer nofollow">Shiba Inu Sees Rising Whale Activity</a></h5>

Shiba Inu Sees Rising Whale Activity

Table of Contents

BH NEWS

Other articles published on Jun 18, 2024

Ethereum Price Prediction: ETH Price To Plunge To $3.2K This Crypto Market Crash?

BlockDAG Ascends As The Top Cryptocurrency Of 2024, Targeting A $30 Valuation, Surpassing Uniswap...

Cryptocurrency Market Faces Significant Losses

Australian Billionaire Forrest’s Crypto Ad Lawsuit Against Meta Proceeds

Crypto Wealth Dreams Alive? Analyst Claims Millionaires Can Be Made

Memereum Sells Over 23 Million Tokens in Presale As Solana (SOL) Struggles Below $150

Join our free newsletter for daily crypto updates!