If a spike in this on-chain metric is noted after a crash or during a consolidation, it most likely means that these investors are accumulating. On the contrary, if this index spikes after a rally, it suggests that these investors could be looking to sell their holdings.

Between April 12 and May 21, the Whale Transaction Count index showed consistent spikes during the dips, showing that institutional investors were accumulating. This development adds credence to the bullish thesis explained from a technical perspective.

SHIB Whale Transaction Count

Furthermore, a quick look at IntoTheBlock’s signals shows that the overall outlook for SHIB is bullish. Net network growth, larger transactions and other metrics are forecasting an optimistic outlook for Shiba Inu.

SHIB Signals

Although the outlook for Shiba Inu price is bullish, investors need to be cautious of a sudden downturn in the crypto market sentiment. In case of a spike in selling pressure that pushes SHIB to produce a daily candlestick close below $0.0000210, it would create a lower low and invalidate the bullish thesis.

Such a development could see SHIB crash 20% to the next key support level at $0.0000168.$SHIB #SHIB