The price action of Shiba Inu [SHIB] occasionally gives a big swing. It was almost inactive until late August, but there was a noticeable increase in the first week of September.
The new observations show an increase in whale activity as bears reduce activity in the market.
SHIB started the week with a bearish trend, which caused prices to fall slightly in the middle of the week. It then tested support near the August lows after falling back to $0.000011.
The price of Shiba Inu has rebounded slightly since then and confirmed that the support line is still active. Taking a closer look at the indicators on the chain, one can notice that a slight increase may just be the beginning of another potentially large price move.
The Return of the SHIB Whale
SHIB’s whale trading indices have shown strong whale activity over the past seven days. However, what has transpired in the last two days has been of particular interest. There is at least one transaction worth more than $1 million.
The density of whale transactions worth more than $1 million in two days is higher than in any other period in the past seven days.
This suggests that whales are bought at low prices in the middle of the week. Further analysis shows that a fair amount of SHIB has been accumulated over the past two days.
SHIB’s 90-day inactive issuance was at a massive spike on September 7, during which about SHIB 1.11 trillion was shipped.
Outbounds also peaked at SHIB 128.7 billion in the last 24 hours. This result is consistent with whale activity observed during the same period and a slight price increase.
The Consumption Age Index recorded a spike of SHIB 7.61 trillion, suggesting that a large number of tokens have changed hands. Shiba Inu had such a big spike in mid-August, followed by a big rally.
These observations in the indicators of Shiba Inu confirm the strong activity of whales. If other indices are also correct, SHIB holders should expect a strong wave of demand over the next few days, potentially triggering another major rally.
This depends on the change in overall market sentiment and further enhances the results on the future development of Shiba Inu.