Shiba Inu (SHIB) has seen a huge rise in the number of transactions over the last 24 hours, showing that market activity has increased significantly. This rise, mostly due to significant transactions, shows that more “whales,” or big holders, are getting involved in the market. While the Bitcoin market as a whole is currently bullish, this move could make SHIB more volatile.
Based on what IntoTheBlock knows, 5.71 trillion SHIB deals took place in Shiba Inu on July 8, 2024. There has been a lot more action, which suggests that big holders are either carefully giving away or collecting tokens. This makes the market more interesting and volatile.
The daily SHIB/USDT chart shows that Shiba Inu is trading at $0.00001745, up from its recent low point. The asset has already exceeded the 50-day exponential moving average (EMA) at $0.00001750 and is now getting close to the next level of resistance at the 100-day EMA. If these levels are broken, it could mean that there is a positive trend, which could push SHIB toward higher goals.
Shiba Inu RSI Indicates Growth
The relative strength index (RSI) for SHIB is 49, which means it is steady and could increase even more. A more significant trading number strengthens a bullish view because it means more big investors are getting involved before prices change.
Shiba Inu’s upward trend is also helped by the rising cryptocurrency market as a whole. Some of the most important cryptocurrencies, like Bitcoin, are doing well, which could give SHIB the boost it needs to keep rising.
Finally, the recent rise in Shiba Inu transactions suggests that big holders are doing more, likely making the market more volatile. As SHIB moves through key barrier levels, the overall bullish mood in the market could help it move up. This makes it a cryptocurrency to watch closely over the next few days.
