The post Shiba Inu Looks to Leverage 4.29T SHIB Whale Volume for a Rebound appeared on BitcoinEthereumNews.com.

Shiba Inu recently witnessed a whale transaction volume spike to 4.29 trillion SHIB, looking to leverage this for a rebound from the recent price drop.  With the bearish pressure slowing down, several crypto assets seek an avenue for a recovery. On Shiba Inu’s part, the token is observing an impressive increase in whale transactions across the board. Interestingly, this spike in whale transactions has coincided with a rapid surge in large buys. SHIB Sees Increased Whale Buys SHIB could be looking to ride on this trend to engineer its own recovery push. According to data from IntoTheBlock, Shiba Inu saw a rise in transactions worth at least $100,000 on July 6. These transactions amounted to a daily high of 4.29 trillion SHIB, the largest in nearly two weeks.  SHIB Large Transactions Volume | IntoTheBlock While such a cluster of whale transactions could either indicate a surge in buying or selling activity, further data confirms that the overall trend was generally bullish. Notably, on-chain data shows that bulls procured up to 4.24 trillion SHIB on July 6. Meanwhile, bears sold 4.18 trillion SHIB, leading to an excess demand of 48.67 billion tokens. Shiba Inu Bulls and Bears | IntoTheBlock In addition, over the past week, the Shiba Inu market has witnessed trading activities from 127 bears (investors who sold over 1% of the 24-hour trade volume). However, the market has recorded activities from 133 bulls (investors who bought more than 1% of the 24-hour volume).  This increased buying pressure is bolstered by a reduction in Shiba Inu reserves on exchanges. Notably, Shiba Inu exchange reserve stood at 146.231 trillion tokens on July 1. This figure has since dropped to 143.714 trillion SHIB, indicating that investors have pulled out 2.517 trillion SHIB from exchanges in July. SHIB Exchange Reserves | CryptoQuant Shiba…

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Filed under: News - @ July 9, 2024 9:16 am