SHIB Whales Might Finally Be Returning as 1.9 Trillion Shiba Inu Were Transacted in Just One Day

With almost 1.9 trillion SHIB transferred in the last 24 hours, big whale transactions involving Shiba Inu have experienced a surge.

A massive 1.9 trillion Shiba Inu (SHIB) was transacted on Sept. 4, according to data from analytics firm IntoTheBlock. This activity might be a sign that SHIB whales are finally returning.

The last time SHIB whales moved such a large amount was on Aug. 27, when 2.65 trillion SHIB was transacted in a single day. This activity might be a sign that SHIB is once again gaining traction among major holders and traders.

The seven-day average for large SHIB transactions is currently at 100 transactions, which is the highest it has been since early September. This increase in large transactions might be a sign that SHIB is preparing for another upward move.

Historically, large transactions by whales have been known to both indicate possible price movements and increase volatility. It is also noteworthy that there are a lot of transactions. Within a day, 1.95 trillion SHIB was moved, and on Sept. 4, the seven-day high reached 2.65 trillion SHIB.

This degree of movement indicates that following a period of relative quiet, SHIB's on-chain activity is beginning to pick up steam once again. Such behavior may be a sign of accumulation or of getting ready for impending liquidity events.

According to the price chart, SHIB continues to trade below the 50, 100 and 200 EMAs, which are important moving averages indicating a recent downward trend. However, given the rise in big transactions and on-chain volume, SHIB may be preparing for a reversal.

The relative strength index (RSI), which is currently circling 43, indicates that SHIB is in the oversold zone, which may support a possible bounce.

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