Shib forest transactions rise to three-month high: improved mood needs to continue upward trend

Shib forest transactions rise to three-month high: improved mood needs to continue upward trend

Shib waltransactions rose to a three-month high, which indicates that Shiba Inu (Shib) could gain value. On July 7, 14 separate whale transactions worth over $ 1 million each were recorded, which increased the price of the old by 8 %. According to Santiment, this is the highest daily number of similar transactions in over three months.

If the number of Shi-tokens in circulation increases, this often indicates a positive market mood that can lead to increased commercial activity. This could continue to drive up the price of the token. However, the market mood for Shib remains bad. The weighted mood was -0,888 at the time of the analysis, which indicates a general lack of interest in trading or holding Shib tokens.

The negative mood began in May when holding Shib was no longer profitable. The ratio of market value to realized value (MVRV) was at -58.38 % and signaled that the SHIB was undervalued in the past three months. This meant that most dealers would suffer losses if they would sell their Shib token at the current price.

In addition, Shib's network and social activity has decreased in recent months. This could lead to challenges for increasing the value of the token, since there is a connection between the network activity of a tokens and its price development. The daily active addresses, social dominance and the volume are all declining.

So that the ShiB Prize can continue its upward trend, social activity and network activity must improve. New liquidity has to get into the market to further increase the price. Therefore, it remains to be seen whether the positive trend of whale transactions can convert into a generally positive market mood and price increase for Shib.