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Shiba Inu (SHIB) experienced a 136% rise in large whale transactions over the past 24 hours, equating to $43.47 million. Despite the activity spike, SHIB’s price shows limited growth, remaining at $0.00001474.
There has been a dramatic increase in whale activity in the dog-themed cryptocurrency Shiba Inu (SHIB) over the past 24 hours, with the volume of huge transactions climbing by 136%.
Whale Activity in SHIB Soars by 136%
When the amount transferred is greater than $100,000, IntoTheBlock classifies the transaction as large. The fact that these deals often indicate purchases or sales by large holders, or "whales," makes them stand out.
Specifically, the number of Large Transactions gives a good idea of how much money whales and institutional participants typically trade on any specific day.
Significant Volume Growth in SHIB Transactions
Over the past 24 hours, the volume of significant transactions involving Shiba Inu has increased by 136%, reaching $43.47 million, or 3.03 trillion in bitcoin terms.
The price of SHIB has not yet reflected the increased activity among major holders, even though there has been a large increase in transaction volume.
SHIB Price Sees Minimal Change Despite Whale Surge
Despite a jump in whale activity within the same time span, the SHIB price has risen 4% in the last 24 hours to $0.00001474 as of writing. The exact reason behind this is still a mystery, but it might have something to do with a number of things. Perhaps whales are in a long-term accumulation phase where they are gradually purchasing SHIB. Perhaps the market's liquidity was able to absorb the increased activity without triggering a dramatic price spike.
SHIB's Price Action Outperforms Top Cryptocurrencies
According to U.today, Shiba Inu's price action may have been influenced by market mood, as it is currently outperforming the top 20 cryptocurrencies in terms of daily gains.
If Shiba Inu ended the day in the green, it would mark the fifth day of gains since it started to rise on September 17th. If SHIB wants to keep going up, it could need to break out of the range where it has been since April, when it was mostly contained by the daily SMA 50.
Key Resistance and Support Levels for SHIB
According to this scenario, SHIB might reach a high of $0.000016 before attempting to break over the $0.0000208 daily SMA 200, which is anticipated to be strongly defended by bears. The SHIB price might remain range-bound if it drops below $0.000014.
In such cases, $0.000013 and the daily SMA 50 can serve as the first levels of downside support. If the price drops below $0.000013 again, it might mean that the decline is starting again.
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