• Large transaction volumes have soared by 2004% in the past 24 hours.
• Currently, 67.16% of top traders hold long positions, while 32.84% hold short positions.

Despite a notable price decline in the past 24 hours, Shiba Inu [SHIB] remained optimistic and appears poised for an upside rally.

Currently, the market is facing significant selling pressure due to yesterday’s crash, during which Bitcoin [BTC], Ethereum [ETH], and other assets experienced substantial price declines.

Whale moves 8.18 trillion SHIB 

On the 3rd of January 2024, SHIB broke out of a bullish double-bottom price action pattern and subsequently entered a consolidation phase.

The consolidation lasted nearly three days, during which a potential whale transferred a significant 8.18 trillion SHIB coins, worth $195.1 million, from CryptoCom exchanges to a wallet.

This transfer occurred while the overall market was experiencing upward momentum and remained stable.

Later, following the opening bell of the U.S. market, the Institute for Supply Management (ISM) released a report that caused the overall market to turn bearish.

Amid this crash, SHIB broke down from the three-day consolidation phase and experienced a price decline of over 14.5%.

Whales’ recent activity 

In this price crash, retailers appear to be dumping their holdings, while long-term holders seem to be accumulating.

Data from the on-chain analytics firm IntoTheBlock revealed that large transaction volumes have soared by 2004% in the past 24 hours, indicating strong participation from whales, investors, and long-term holders.

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Author: Vivaan Acharya