Shiba Inu whales move 1.52 trillion SHIB overnight, meme coin gears for recovery
FXstreet
18 Sep 2023 11:07 AM
Shiba Inu, one of the largest meme coins in the crypto ecosystem, seems to be gearing towards a price recovery, according to the latest on-chain devel...
- Shiba Inu has experienced a spike in large volume transactions in the past 24 hours, with 1.52 trillion SHIB tokens being moved.
- These transactions, worth $11.11 million, indicate an increase in user activity and may fuel volatility in SHIB's price.
- Despite a downward trend since August 12, SHIB has gained 5% from its three-month low on September 12.
- The meme coin's price is currently below its long-term moving averages, but the recent surge in whale transactions could support a breakout from the downward trend.
The article suggests that the recent spike in large volume transactions for Shiba Inu could potentially lead to a price recovery and a breakout from its downward trend.
You May Ask
What is the significance of the spike in large volume transactions for Shiba Inu?How much worth of SHIB tokens were moved in the past 24 hours?What factors have failed to catalyze a recovery in SHIB's price?What is the current price of SHIB and how does it compare to its long-term moving averages?What is the potential impact of the recent surge in whale transactions on SHIB's price?