Shiba Inu (SHIB) Whales Have Been Accumulating, Setting the Stage for a Potential Bullish Reversal

Shiba Inu (SHIB) has seen a massive spike in daily volume, reaching a total of 224 billion SHIB within 24 hours. This surge has attracted attention due to its connection with a significant rise in whale activity.

Shiba Inu (CRYPTO: SHIB) saw a massive spike in daily volume, reaching a total of 224 billion SHIB within 24 hours. This surge in transactions was noticed alongside a significant rise in whale activity, which could be positioning ahead of a potential price movement.

According to data from IntoTheBlock, large-holder inflows went up from 96 billion SHIB on April 13 to 224.34 billion SHIB on April 14. These transactions generally indicate the transfer of tokens into wallets that belong to entities holding a large portion of the token’s total supply.

A rise in these transactions could suggest accumulation, which aligns with the substantial increase in large transaction volume. SHIB saw approximately 1.31 trillion SHIB being transacted in large volumes, which is valued at around $15.66 million. This volume surged by 173% within 24 hours.

This level of activity could be a signal of renewed interest from large investors or whales, who may be preparing for a shift in price trends. However, the overall trend in SHIB’s price suggests a slight decline, with the coin seeing a 2.75% decrease in recent hours.

The 173% increase in large transactions, which are trades of $100,000 and more, could also indicate a shift in market sentiment. When these transactions rise, it suggests that investors are actively rearranging their portfolios, and this activity could be unfolding ahead of a future rally.

Despite the surge in large transactions and large-holder inflows, which are typically a sign of accumulation, SHIB’s price has not shown consistent growth. As of the latest data from Benzinga Pro, SHIB’s price was down 2.75% in the last 24 hours, trading at approximately $0.00001192.

Also Read: Exclusive: Is Shiba Inu Preparing For Its Own 'WorldCoin' Token With This New Move?

The fluctuation in SHIB’s price has led to some concern among investors, with many uncertain about the next market direction.suggest a potential shift in market sentiment.

Shiba Inu: What’s Next For SHIB Price?Shiba Inu price is currently facing resistance at $0.00001200. The crypto price struggled to maintain momentum after encountering this resistance level and is now back in an active descending trendline.

The present support level for SHIB is around $0.00001160. If SHIB manages to hold at this support, then a potential bullish reversal could be on the cards. This bullish reversal could be further backed by the rising SHIB burn rate.

However, further downside risk is possible if the price fails to maintain this support zone. According to the trading view, the next major resistance level for SHIB is $0.00001200. A breakout above this resistance could propel the cryptocurrency towards a potential target of $0.00004.

Shiba Inu's Karma SystemShiba Inu recently provided details about its Karma system, which is designed to track user engagement across its network.

The Karma system operates similarly to an experience point (XP) system used in video games. Users will accumulate Karma points based on their activity within the Shiba Inu ecosystem, contributing to their presence and reputation within the community.

According to Shiba Inu developer Kaal Dhairya, the Karma system is still in its beta phase and will continue to evolve.

News data source: kdj.com

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