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Shiba Inu ignited a wave of investor FOMO after 21 trillion SHIB changed hands in just one day, pushing the meme coin’s price up and breaking records. Whale moves add intrigue as SHIB’s unstoppable momentum captures the market’s attention.
Shiba Inu Breaks Records with 21 Trillion SHIB Transactions in One Day
Shiba Inu has shattered records with an astounding 21 trillion SHIB transactions in the past 24 hours.
This spike has not only brought additional attention to the meme coin SHIB, but it has also caused its price to rise considerably. New data from IntoTheBlock reveals a surge in the number of transactions and a huge volume of them, indicating that SHIB's network is highly active.
With a recent steep climb, the price chart of SHIB displays a robust rising trend. This breakthrough has raised market capital after a period of consolidation, which has likely triggered investors' FOMO (fear of missing out). The impressive volume rise that accompanied this move suggests that purchasing interest remains robust and has the potential to propel SHIB further higher.
Whale Activity Hints at Potential Profit-Taking Amid Surge
But there's also the other side. Also, according to IntoTheBlock's analytics, there seems to be a lot of whale activity, which could mean that people are trying to cash in. The market is often influenced by whales, or large holders, when they start to distribute their holdings.
Per U.Today, whales may be selling off some of their SHIB assets or transferring them to smaller wallets in order to cash in on recent gains, as indicated by the high volume of huge transactions.
Despite strong momentum indicated by the large volume and price gain, caution is warranted due to the heightened whale activity.
Possible Price Effects from Continued Whale Selling
If whales continue dumping their SHIB holdings, it can drive down the price. The price of SHIB could stabilize in the long run if these agreements are more about smart redistribution than a massive sell-off. Keeping an eye on the following resistance levels will be critical going forward if SHIB maintains its present trend.
If the current gains are not sustained, a short-term pullback may ensue, but a successful push above these levels might provide additional gasoline for the rally. Investors should be cautious and closely monitor the actions of whales, notwithstanding SHIB's impressive recent performance.
