Sleeping Whale 'Stretches'...Shiba Inu (SHIB) Trading Volume Surges 10-Fold in Two Days

▲ Shiba Inu (SHIB), Cryptocurrency Whale/AI Generated Image

Shiba Inu (SHIB) network transactions surged more than 10-fold in just two days. With exchange deposits and withdrawals increasing simultaneously, the possibility of large-scale holder redistribution of assets has emerged.

On July 31 (local time), according to TheCryptoBasic, the number of Shiba Inu transactions compiled by CryptoQuant increased from approximately 3,600 on July 24 to over 38,400 on July 26. Transaction activity, which had been quiet for over two months, surged more than 10-fold in two days. During the same period, the total transaction volume jumped over 384% above the 7-day average. Daily transaction volume also expanded from hundreds of billions of SHIB to trillions of SHIB.

Exchange deposit volume surged by 323% on July 25, reaching approximately 943 billion SHIB. Typically, an increase in exchange deposits is interpreted as potential selling pressure. However, withdrawal volume also increased at a similar pace. Binance processed withdrawals of approximately 896 billion SHIB by July 26. With deposit and withdrawal volumes appearing similar, a trend closer to supply redistribution between wallets rather than one-sided selling was observed.

Active addresses also increased by 44% over two days. TheCryptoBasic assessed that the increase in trading volume, expansion of active wallets, and balanced exchange deposits and withdrawals are similar to position adjustments by large holders, market makers, or institutions. This movement is difficult to explain by simple buying or selling by individual investors alone, according to the analysis. However, the final destination of the moved volume has not been confirmed.

Despite the surge in on-chain activity, the short-term technical outlook remained bearish. TradingView analyst Sabri presented $0.0000057621 as a major resistance level on the 4-hour chart. Shiba Inu fell below $0.0000048764, and the analysis suggests that if it fails to recover this price, selling dominance will continue. If the support level breaks, it could drop approximately 45% to the demand zone of $0.0000025509.

To end the bearish trend, the 4-hour candlestick close must surpass $0.0000048764 again. A close above $0.0000057621 would invalidate the previous bearish outlook. The 10-fold increase in network transactions and the redistribution of exchange volume are indicators that Shiba Inu market participation has expanded.

[Article Key Summary]

-Shiba Inu network transactions increased more than 10-fold in two days, from approximately 3,600 to over 38,400.

-Approximately 943 billion SHIB were deposited into exchanges, but about 896 billion SHIB were withdrawn, indicating a large-scale asset redistribution trend.

-To end the technical bearish trend, it must recover $0.0000048764 and then break past the $0.0000057621 resistance level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*