Shiba Inu saw a lucky 7.77% increase in large transactions, hinting at a potential increase in the future. While it might sound silly, “lucky number” psychology is sometimes used while making serious investments and might have a real effect on the market performance of digital assets like Shiba Inu.
The $1.25 billion in transactions over $100,000 that SHIB has recorded in the last seven days indicates significant interest from major players. Large transactions may be indicating an accumulation phase, where major investors and whales increase their holdings in anticipation of a price spike.
The on-chain signals are still largely bullish, even with a slight 1.46% drop in Telegram users. With a 0.24% increase, Net Network Growth is positive and indicates that the SHIB network is growing, attracting more users and transactions.
This growth is essential to the tokens long-term viability and value increase. Not every indication, though, is bullish. The percentage of token holders who are currently profitable, as indicated by the In the Money metric, is -13.70% bearish.
This suggests that a sizable percentage of investors are holding SHIB at a loss, which may put pressure on sellers if the price does not turn around quickly. SHIB is presently trading at $0.00001745 on the technical front.
Mixed sentiment is also reflected in the exchange signals. The Bid-Ask Volume Imbalance displays a -5.59% bearish signal, indicating more selling than buying interest on the market, while the Smart Price indicator is neutral at -0.01%.
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