Shiba Inu Coin Holds Strong Amid Crypto Whales’ Frenetic Trading Activity

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In the expansive crypto world, the Shiba Inu has consistently held steady, trading above $0.000021. This comes in spite of a tug-of-war battle taking place between the bulls and bears. On-chain data adds intrigue to the story, strongly suggesting that whale activity has been in full swing. During this period, trillions of SHIB tokens have exchanged hands and migrated between digital wallets.

Earlier in the week, a slip in the currency’s profitability was observed. This slump was a hangover from a protracted sell-off from the previous week. As the week rolled on, however, the waters stirred with bullish activity, steadily picking up momentum that continued into the weekend. The tide hit a resistance, stalling just shy of $0.000028.

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Whale activity, in particular, aroused interest. An examination of on-chain transactions reveals that major players moved trillions of SHIB tokens over the weekend alone. The last 24 hours were especially frenetic, recording a bustling movement of 3.19 trillion SHIB tokens.

According to IntoTheBlock’s data on large transaction volume, Shiba Inu transactions over $100,000 experienced a marked surge last week. These value-loaded transactions reached an astonishing total of $661.5 million. A single day—April 19th—saw SHIB transactions within this category hit an astounding 6.36 trillion SHIB, worth $144.76 million. The last 24 hours were particularly busy, with these transactions reaching a noteworthy 3.19 trillion SHIB equivalent to $82.49 million.

With this staggering amount of SHIB currency in motion, crypto enthusiasts can’t help but ask – where are the whales dispatching their tokens to? On-chain data reveals extensive transactions to and from exchanges—inflows and outflows that indicate ambivalence from the whales. A transaction of note involved an inbound trek of 100 billion SHIB tokens making their way into a crypto exchange on a lazy Sunday. Speculation is rife among investors that this might herald an impending selloff from the whale, which might trigger a tumble in the price in the immediate future.

The activities of these whales pack significant meaning for average SHIB investors. For one, more whales and transactions might signify burgeoning mainstream interest in SHIB. But these heavyweight crypto enthusiasts also wield the power to dramatically sway the currency’s price. A positive price movement accompanies whales’ accumulation of tokens from exchanges. Conversely, currency inflows into exchanges are suggestive of a sell-off, potent enough to impact the price negatively.

At press time, SHIB is trading at $0.00002726. This represents a 6.65% rise from 0.00002556 over the preceding 12 hours. On a broader seven-day timeframe, Shiba Inu is enjoying a surge, posting a 16% increase. It is hot on the heels of Cardano in the market cap rankings, all set to steal its spot.

As this week unfolds, the SHIB bull is expected to retest the restraint at $0.000028. IntoTheBlock’s “In/Out Of The Money” metric unveils that 6.62 trillion SHIB tokens were bought at this threshold, with 28,760 eager investors awaiting to cash in their profits. A rupture beyond this threshold could trigger further resistance at $0.000029 and $0.000030 levels.