- SHIB sees record transactions, with nearly six trillion tokens transferred in 24 hours.
- Lead developer Shytoshi Kusama defends SHIB against criticism, citing strong historical growth.
- SHIB’s uncertain future hinges on whether recent large transfers signal buying or selling.
Shiba Inu (SHIB) has seen a surge in transaction volume and public debate about its future. Almost 6 trillion SHIB tokens were transferred between major wallets in a single day, setting an October record. This increase in large transactions has fueled speculation about the reasons for the movement.
Record Transactions Fuel Market Uncertainty
According to on-chain data, nearly 6 trillion SHIB tokens changed hands between large wallets in the past 24 hours. This high transaction volume indicates increased activity, with 224 significant transactions recorded. SHIB has been trading in a narrow range, with resistance at $0.000020 and support around $0.000017.
Analysts are unsure whether this movement signals a bullish accumulation by institutional investors or a bearish sell-off. Historically, rising transfer volumes without a price increase often have indicated selling rather than buying. If the transfers represent a sell-off, SHIB’s price may face downward pressure, testing lower support levels.
Kusama Defends Shiba Inu
Shytoshi Kusama, Shiba Inu’s lead developer, defended the token’s potential on social media. Kusama was responding to criticism from Nick Tomaino, the founder of the 1confirmation investment firm, who called SHIB a “chump change meme.” Tomaino’s tweet ranked significant crypto projects, but SHIB was notably absent. Kusama addressed the “disrespect,” noting that SHIB has grown 66 times faster than Bitcoin.
Kusama pointed out SHIB’s massive returns since its all-time low in September 2020. The token has surged over 33 million percent, outperforming gains by Dogecoin, Solana, and Binance Coin.
In response to a SHIB enthusiast who questioned SHIB’s value below $0.01, Kusama argued that SHIB’s market position deserves respect. He said that “Top 10 isn’t chump change,” although SHIB has recently fallen to 12th place on CoinMarketCap.
The current surge in SHIB transactions and public debate show ongoing uncertainty around the token. The high transaction volume could indicate institutional interest or signal a sell-off. Kusama’s strong defense highlights the SHIB community’s loyalty. However, if there is not a substantial price breakout, SHIB will remain in a speculative position.
Related:
Shiba Inu Burn Rate Soars 108%, But Whale Activity Declines
Dogecoin and Shiba Inu: A Double-Edged Sword for Crypto Investors
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