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Shiba Inu SHIB, a dog-shaped meme coin, has seen a massive increase in transactions over the past 24 hours. More than 2.8 trillion SHIB tokens have been transacted on leading cryptocurrency exchange Binance. Available data shows that 2,816,572,700,000 SHIB have arrived on Binance in active trading.
SHIB whale activity and its effects on the market
Analysts attributed the bulk of these transactions to whale traders. Although the actual factors driving the activities of these whales have not been revealed, this step remains important for the ecosystem.
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Handling such an incredible volume of SHIB tokens on Binance could indicate one of several possible scenarios. Primarily, SHIB traders opened specific trades on Binance in line with general market trends. Notably, one of the reasons why whales and retail traders move their tokens to cryptocurrency exchanges is to sell.
However, they may also decide to trade or stake. Meanwhile, SHIB's surge in interest in Binance could help spur price action as SHIB struggles to break critical resistance levels in the past 30 days.
As of this writing, SHIB is commerce It rose slightly by 1.48% to $0.00002189 over the past 24 hours. Trading volume on all exchanges outside of Binance did not register a significant movement, remaining at $445.39 million, or up 0.11%.
The market challenges facing the Shiba Inu remain
Market watchers believe that the Shiba Inu ecosystem must do more for the meme coin to rediscover new price levels. Currently, the daily burning activity by the community has not done much to push SHIB's price to the levels expected by investors.
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The price of a token fluctuates in the cryptocurrency market as its price grows to reject At critical resistance levels. Meanwhile, SHIB's Relative Strength Index indicates that investors are confused regarding the asset.
This confusion is prevalent though 18.64 trillion shekels In existing derivative contracts or open interest. This step did not inspire sufficient confidence among market participants.
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