Ramazan Eles 
The cryptocurrency world’s number two meme coin, Shiba Inu, has seen massive trading volume over the past 24 hours. According to data, 1.5 trillion SHIB tokens have changed hands during this period. These large whale transactions occurred right in the middle of the significant volume increase observed in the market over the past 48 hours. Now, a reversal and upward movement can be observed in the Shiba Inu cryptocurrency.
Shiba Inu Whales Stir the Waters
Leading exchanges such as Binance, Coinbase, Kraken, Gate.io, and Robinhood were among the players involved in these transactions. The volume of SHIB transactions ranged from 42.6 billion SHIB to 397 billion SHIB.
The Binance Hot Wallet transferred 357.4798 billion SHIB worth $7.82 million. This likely indicates significant exchange transactions or large-scale buying and selling. The Coinbase Hot Wallet was also involved in various transactions, purchasing 808 billion SHIB worth $1.88 million. This move likely suggests significant accumulation by individual investors or institutional players.
Cumberland DRM sent 112 billion SHIB worth $2.67 million and received 105 billion SHIB worth $2.49 million. Robinhood made a transfer of 208 billion SHIB worth $5.09 million, likely reflecting retail interest or platform-driven movements.
Big Moves Don’t Guarantee Price Direction
While these large movements are impressive, they do not guarantee sudden price increases or decreases. The price of the Shiba Inu cryptocurrency is currently trading around $0.00002364 on the SHIB/USDT daily chart. The price is generally consolidating within a descending triangle formation but recently tested the upper level of the formation.
The Shiba Inu cryptocurrency price is stuck between the 50 and 100 EMA (Exponential Moving Average), which could indicate an upcoming surge in volatility. Breaking above the 50-day EMA at $0.000024 is considered a bullish signal, while failing to break this level could lead to further consolidation or a bearish expectation.
It is important to note that the Shiba Inu price has a long way to go before reaching its $0.00008 peak. In the event of a bull run, SHIB is expected to surpass the $0.01 level. Let’s see if the SHIB price can surpass its previous peak levels in the next meme coin wave?