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Title: Shiba Inu: 3,000,000,000,000 SHIB Drop Happens: Details
Shiba Inu has once again demonstrated its volatility, with a substantial 50% drop in large transaction volume over the past week. The token’s daily activity plunged from an astonishing six trillion tokens transacted to merely 3.65 trillion. A decline of this magnitude rarely occurs without repercussions, and the price chart is already displaying cracks despite occasional decreases in whale activity during consolidation periods.
Recently, SHIB attempted a recovery by attempting to regain the $0.000014 zone through a rally. Additionally, it managed to push above the 50-day and 100-day EMAs. However, when the 200-day EMA (black line) rejected the advance, the price plummeted almost 2% in a single session, proving the 200-day EMA’s strength.
It is crucial to notice that this sudden volume decline correlates with the price rejection. Large transactions are often associated with confidence and accumulation, typically carried out by institutions or whales. This rapid volume contraction implies that major players are either quietly distributing or stepping aside.
Source: u.today
