Shiba Inu has recently become active again, but it is still not as active as it was in the past.
Shiba Inu whales are slowly rebounding after a decline and the subsequent underperformance of the SHIB token, prompting more focus on on-chain metrics.
SHIB had 47 major transactions on the last day, suggesting high activity from the large holders, after decreasing from its peak at 47 in the last week on June 29, proving that the whales are active again.
Shiba Inu recorded a remarkable movement of 947.8 billion. It rose as high as 6 billion tokens per day. Approximately $6.24 trillion worth of SHIB was traded on June 24, indicating that big holders may be moving around their tokens.
Despite rising activity on the chain, the price of SHIB has oscillated at around $0. 00001709, which suggests that constant upward progress is difficult to achieve, as per the chart.
For SHIB to affirm a bearish trend reversal, it has to break through the resistance level established by the 26-day, 50-day, and 200-day EMAs; therefore, Shiba Inu reflects mixed market sentiment.
The Bulls and Bears are on par, but with bears slightly ahead since there is no significant buying pressure for SHIB at the moment.
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