Shiba Inu's on-chain volume gives us important signal, but it is not good
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This decrease implies that significant market participants are either cutting back on their activities or selling their SHIB holdings. There has also been a sharp decrease in large transaction volume in USD.worth of large transactions were completed in the last 24 hours while, on June 13, 2024, the seven-day high reached 8.33 trillion SHIB.
Though SHIB is in the oversold area according to the RSI of about 36, some bargain hunters may be drawn in, but overall sentiment is still negative. The drop in big transaction volume and the pessimistic attitude among whales indicate that Shiba Inu currently has a SHIB might have trouble returning to its prior highs in the absence of substantial buying activity from major investors. A more significant rebound would necessitate a change in attitude as well as a rise in significant transaction volumes, indicating a return of interest from key market participants.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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