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Title: Shiba Inu Whales Are Active Again – Impact On SHIB?
In a sudden turn of events, the Shiba Inu whale activity has seen a substantial increase. According to recent data, large transaction volumes exceeding $100,000 have surged from 1.07 trillion to 3.75 trillion within just 24 hours.
At first glance, this development may seem like a positive sign for SHIB enthusiasts, as whales are notorious for their immense influence on market trends. However, upon closer inspection, the data suggests that while there is an increase in whale activity, it remains at range lows compared to weekly averages. This implies that more participation is required to generate significant price action.
The lack of demand and rise in selling pressure have been a major concern for SHIB investors this month, leading to a bearish trend on its one-day chart. As a result, the market saw an 11% drop in the last 30 days, pushing the meme coin’s value down by 3%. As it stands now, SHIB is trading at $0.0000223.
It’s also important to note that the derivatives market is showing bearish signs. Data from Coinglass reveals a significant drop in derivative trading volumes and Open Interest has hit an all-time low of $54 million. Furthermore, the Long/Short Ratio dropped to 0.926, highlighting the prevalence of short traders over long traders.
Unfortunately for SHIB enthusiasts, these trends suggest that the meme coin may remain stuck in range-bound consolidation, making it difficult to predict a significant rally anytime soon.
On the other hand, the broader crypto market may witness slight gains in early 2025 following the inauguration event of US President-elect Donald Trump. Should this event lead to a surge in the overall market sentiment, SHIB could potentially break out of its current consolidation phase and see prices rise to multi-month highs above $0.0000334.
However, it’s crucial to remember that this is purely speculative and not an investment advice. The memecoin sector also experienced significant growth in 2024, with the total market capitalization increasing from $22 billion at the beginning of the year to a staggering $97 billion as of now.
If this trend continues into 2025, it may bode well for SHIB’s price performance in the near future.
Source: ambcrypto.com
