SHIB whale activity limits decline; here’s what investors should expect next

The situation has changed since then, after the rally achieved at the end of October. Nonetheless, the start of the month is bearish, but will we see prices return to the lower range or the bulls dominate?

Perhaps the latest activity can shed some light on the possible bottom line for SHIB. For example, we have seen the return of selling pressure over the past three days, which is normal. Selling pressure is expected after a rally of over 40%.

SHIB’s $0.00001218 price at press time already represented a 19% retracement from its October high. However, its result over the past 24 hours has demonstrated a return of bullish demand.

The price represented a gain of 3.57% in the last 24 hours. Interestingly, this rise was supported by a sharp increase in the number of transactions from the whale over the past 24 hours.

Source: Santiment

The rise suggested the observed whale activity was incoming buying pressure. About four whale trades took place on November 2, which overall is not necessarily a very bullish sign.

On the other hand, whales often have a greater impact on price. A market cap analysis reveals that SHIB’s market cap has increased by more than $110 million in the past two days.

Source: Santiment

Such increases in market capitalization have historically resulted in greater liquidity. No one knows if that will be the case this weekend.

Can SHIB get enough bullish volumes?

In particular, a limited participation of individuals was observed. For example, daily active addresses rose slightly on Wednesday (November 2), but have since fallen and moved closer to their weekly lows.

Source: Santiment

The current level of daily active addresses indicates the absence of strong enough demand to support a larger upside. Additionally, the SHIB supply held by major OTC addresses barely registered the latest whale activity.

Source: Santiment

However, the supply of SHIB held by major exchange addresses has seen a noticeable increase over the past seven days. While this may indicate accumulation, it also suggests that the accumulation could be short-term since holders are not moving their holdings to wallets.

The recent accumulation of whales may have ended the previous selling pressure that began in early November. However, the lack of retail volume tracking suggests that we may not see another major move until the weekend.

Either way, the market could still change, especially on November 4, but it remains to be seen which side the coin will land on.

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