Shiba

Based

bullish

Shiba Inu

Trillion

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As whales are experiencing a significant resurgence on the cryptocurrency market, Shiba Inu is starting to show some serious strength again. More than 1.3 trillion <a href="https://u.today/70000-breakthrough-eludes-bitcoin-whats-next-shiba-inu-shib-escapes-downtrend-but-will-dogecoin" rel="noopener noreferrer nofollow">SHIB</a> tokens have been transacted in the last day, indicating a spike in large transactions and whale <a href="https://app.intotheblock.com/coin/SHIB" rel="noopener noreferrer nofollow">activity</a>.&nbsp;
Some insights into this abrupt spike in activity can be found in the on-chain data. Based on the data provided, there were 42 large transactions in the last 24 hours, with a seven-day high of 55 transactions on July 25, 2024. July 28, 2024 marked the seven-day low, with 15 transactions. Large transactions are once again becoming common, which indicates that major players are returning to the game. <img alt="SHIBUSDT" data-entity-type="file" data-entity-uuid="6f6f9596-ed66-4766-9c80-748dc26502f1" src="https://u.today/sites/default/files/inline-images/image_1054.png">SHIB/USDT Chart by TradingView 
Not only that, but a whopping 1.33 trillion <a href="https://u.today/shiba-inu-netflows-skyrocket-1245-amid-crypto-market-sell-off" rel="noopener noreferrer nofollow">SHIB</a> was transacted in the last day alone. This amount is substantially higher than the seven -day low of 365. 69 billion SHIB on July 28, 2024, and it is near the seven-day high of 1.95 trillion SHIB recorded on July 29, 2024. This volume spike indicates that significant holders are becoming more confident and active.
The technical chart indicates that <a href="https://u.today/opinions/shiba-inu-shib-expecting-something-big-this-week" rel="noopener noreferrer nofollow">SHIB</a> has been declining, but it has recently begun to stabilize. If the whale activity persists, the price may bottom out and reverse, as it is currently trading near the $0.000016 mark. The bullish outlook is further supported by the token summary. At the current price, roughly 48% of SHIB holders are profitable, 47% are not profitable and 5% are barely breaking even.
Major players hold a substantial portion of SHIB, as evidenced by the 73% concentration of large holders. Furthermore, the majority of the on-chain signals are bullish, with markers like net network expansion and significant transactions indicating favorable trends.
Further pointing to bullish sentiment are the exchange signals. With a bid-ask volume imbalance of 10.31%, there appears to be significant buying interest. However, it might not be enough to move the price.

1.3 Trillion Shiba Inu (SHIB) in 24 Hours: What's Happening?

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