With nearly 4 trillion SHIB traded in the past day, Shiba Inu has made a strong comeback, driven by significant trading volume from whales.
Recent on-chain data shows a significant uptick in this activity, indicating interest from large holders, which could boost investor sentiment and drive SHIB's price.
For any digital asset, on-chain metrics indicate a significant increase in large transaction counts. Higher whale activity typically signifies confidence among large holders, often leading to stability or upward price momentum.
SHIB/USDT Chart | Source: TradingView
The increase from 895 billion SHIB on October 27 to 3.73 trillion SHIB on October 28 is no small feat and has brought SHIB back into the sights of many investors.
When looking at the SHIB/USDT chart, SHIB is attempting to consolidate on key moving averages. The convergence between the 50-day EMA and the 100-day EMA has previously indicated potential breakout opportunities. This structure may indicate a level where SHIB could find support, especially as whales are defending these price levels.
SHIB may be poised for larger growth spurts if it can maintain trading volume, thereby encouraging price action.
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