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Shiba Inu (SHIB), the dog-themed meme coin, saw a massive increase in trading over the past 24 hours. More than 2.8 trillion SHIB tokens have been traded on the leading cryptocurrency exchange, Binance. Available data shows that 2,816,572,700,000 SHIB hit Binance in active trading.
SHIB Whale Activity and Market Implications
Analysts attribute the bulk of these transactions to whale traders. Although the actual factors driving these whales’ activities have not been revealed, this movement remains important to the ecosystem.
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The transaction of such an impressive volume of SHIB tokens on Binance could suggest one of many possible scenarios. Mainly, SHIB traders opened defined positions on Binance in accordance with general market trends. Notably, one of the reasons whales and retail traders move their tokens to crypto exchanges is to sell.
However, they could also decide to trade or bet. Meanwhile, SHIB’s surge in interest in Binance could help boost the price movement as SHIB has struggled to break critical resistance levels over the past 30 days.
As of this writing, SHIB is trade up slightly by 1.48% to $0.00002189 in the last 24 hours. Trading volume on all exchanges beyond Binance did not see any significant movement, as it remains at $445.39 million, an increase of 0.11%.
Shiba Inu Market Challenges Persist
Market observers believe that the Shiba Inu ecosystem needs to do more for the meme coin to rediscover new price levels. Currently, the community’s daily burning activity has done little to drive the price of SHIB to the levels anticipated by investors.
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The price of the token fluctuates in the crypto market as its price increases. denied at critical resistance levels. Meanwhile, SHIB’s Relative Strength Index suggests investors are confused about the asset.
This confusion prevails despite 18.64 trillion SHIB in current derivative contracts or Open Interest. This decision did not inspire sufficient confidence among market participants.