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A record-breaking shift of 6 trillion Shiba Inu tokens within 24 hours has ignited speculation among SHIB watchers. With October’s highest volume in large transactions recorded, analysts are debating if this movement signals bullish accumulation or a potential market sell-off.
Record Surge in Shiba Inu Transactions Highlights October High
According to on-chain data, there was a significant surge in large transactions, with about six trillion Shiba Inu tokens being transferred between key wallets in the past day. This incredible volume, which reached a new all-time high in October and suggests potential future market volatility, is proof that the SHIB ecosystem is seeing more activity.
Still, it's not obvious if this shift is due to heavy purchasing or selling. It can be optimistic if this surge in activity indicates that institutional investors or "whales" are accumulating in anticipation of a rally.
Bearish Signals Could Indicate Broader Sell-Off
Bearish interpretations should be considered, though, since these large transactions may be part of a broader sell-off plan.
The supply of SHIB would rise and its price could fall as a result of this.
Historical Patterns Suggest Selling Over Accumulation
In the past, when the number of transfers increased but the price did not, it usually meant that people were selling instead of buying. The price chart for SHIB shows that it has been moving in a pretty narrow range, with key levels of support around $0.000017 and resistance at $0.000020, U.Today points out.
Lack of Buyers Could Lead to Price Decline
In order for SHIB to breakout positively and keep its upward momentum, a substantial flood of new purchasers is required. On the other hand, a lack of purchasing activity might cause SHIB to retest lower support levels, and the persistence of selling pressure could lead to further drops.
Close-to-Record Transactions Reflect Increased Activity
Furthermore, according to the data stored on the blockchain, 224 important transactions occurred in the last 24 hours. This is quite close to the weekly high of 269 transactions that occurred on October 29th.
It is not yet known if these moves represent buys or sells, therefore it is difficult to say how they will influence the price, but the large volume of transactions suggests more activity.
