Timing of SHIB whales' return coincides with broader market collapse
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In recent days, there has been a decrease in the volume of large transactions for SHIB that exceed $100,000. SHIB reported a considerable reduction in large transaction volume, falling from 6.36 trillion SHIB on April 19 to 2.06 trillion SHIB on April 20. Since this date, Shiba Inu's large transactions have flatlined between two trillion SHIB and 3.73 trillion SHIB, before a sudden rise on April 24. Large transaction volumes increased from 3.73 trillion SHIB on April 23 to 6.
This is hardly surprising given that whales often utilize periods of correction to accumulate at a discount. The increase in transaction volume might suggest that large investors are once again positioning themselves on the market, potentially anticipating future price movements.also comes at a time of heightened enthusiasm: Shiba Inu has just secured $12 million in funding, putting it on track to become a big participant in the crypto market.
As SHIB whales make a comeback, investors and traders will be closely monitoring market trends for clues about the cryptocurrency's price trajectory.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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