- Large investors’ transactions in Shiba Inu increased by 600%, with over 24 trillion SHIB tokens exchanged in early June.
- Despite strong resistance at $0.0000140, the surge in on-chain activity hints at a potential breakout ahead.
The current market outlook shows that memecoin Shiba Inu is giving signs of quiet movement beneath the surface, with its price remaining stuck in a steady downtrend. Still, On-chain data from early June reveals that over 24 trillion SHIB tokens were moved, most of which is tied to large holders. The sudden rise in whale activity, despite flat price action, is raising questions about what could be coming next for the popular memecoin.
Whale Transactions Surge Despite Price Resistance
It is worth noting that Shiba Inu’s recent on-chain data shows an unusual spike in whale activity. According to reports, over the past month, large holders moved more than 24 trillion SHIB tokens.
Onchain trends indicated that on June 30 alone, 11.6 trillion tokens were traded. This level of movement is uncommon, especially in a market where prices remain stuck in a prolonged downward range. The 600% increase in whale transaction volume stands in sharp contrast to the quiet price chart. This is raising concerns as Shiba Inu continues to struggle under strong resistance.
The digital asset price remains trading below a key resistance cluster, comprising the 50, 100, and 200-day EMAs. These moving averages have created a ceiling in the $0.0000130 to $0.0000140 range, where multiple rally attempts have failed since May.
It is worth noting that recent candles have consistently shown clear rejections at this level. At the same time, technical indicators such as the Relative Strength Index (RSI) remain weak, remaining below the 50 mark and confirming weak buying strength from smaller traders.
Despite this, whale movement suggests that larger holders are either repositioning or quietly accumulating. This is often seen ahead of sharp market movements. Though no price spike has followed yet, the increase in whale volume hints at possible preparation for a breakout.
Meanwhile, as highlighted in our previous news brief, the Shiba Inu development team announced a strategic partnership with DegenSafe.Fun. This is a significant step towards making investors in the decentralized finance (DeFi) sector safer.
Additionally, CNF recently reported that the Shiba Inu (SHIB) market leader has hinted that the team is working on multiple initiatives. Notably, this includes Shibarium updates designed to enhance the existing infrastructure.
Shiba Inu Shows Signs of Accumulation Below Surface
It is worth mentioning that exchange data shows flat retail volumes. This may mean that everyday traders are losing interest in SHIB for the time being. However, this does not align with the massive on-chain volume.
This suggests that what is happening may be more than just random trading. This is because large movements like these are usually not for short-term speculation. They often reflect either quiet accumulation or preparation for a strategic exit.
Additionally, the slow descent of the 200 EMA suggests an ongoing bearish trend, but the recent activity indicates that something may be building beneath the surface. If SHIB breaks above the $0.0000140 range with strong volume, it could trigger a new wave of interest.
Still, it is essential to note that a sustained move beyond that level could lead to liquidations or fresh momentum, particularly after months of sideways action.
For now, Shiba Inu’s whale volume spike may be the most important clue in a market that has otherwise gone quiet. As of the time of writing, Marketcap indicates that SHIB was trading at $0.00001118, up marginally by 1.6%.
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