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Whale activity in Shiba Inu has surged, with 2.79 trillion SHIB worth $76.48 million traded in a 24-hour period. This 41.39% spike suggests large holders may be reentering the market, potentially gearing up for key price movements amid broader crypto market fluctuations.
Whale Activity Surges in Shiba Inu with $76 Million Transactions
IntoTheBlock data shows that whale activity has returned to the dog-themed cryptocurrency Shiba Inu (SHIB), with high transaction volumes increasing by 41.39% in the past 24 hours.
Following days of decreasing activity, this increase of 2.79 trillion SHIB, or $76.48 million in monetary terms, indicates that significant holders have rekindled their interest.
Any transfer of more above $100,000 is considered a major transaction, and these deals frequently involve "whales" or other significant holders or institutional players. These big holders may be getting ready for big price changes in SHIB, since the latest gain could indicate that they are reentering the market.
There has been a decline in general trading activity and a significant drop in the volume of large transactions involving Shiba Inus in recent times.
Shiba Inu Trading Volume Sees Double-Digit Decline
Shiba Inu's trade volume dropped 18.25% to $679.45 million in the last 24 hours, according to data from CoinMarketCap. From 18.85 trillion SHIB on December 10 to 1.9 trillion SHIB on December 13, the massive transaction volume involving Shiba Inus fell, as reported by IntoTheBlock.
There may have been a change in attitude, as whales may be buying SHIB at a discount as the cryptocurrency market experiences profit-taking, according to the recent 41% rise in whale transactions.
The market sell-off accelerated in the early Sunday trading session, leading to over $252 million in liquidations in crypto-tracked futures during the last 24 hours. Trading for SHIB and most other cryptocurrencies was negative.
Investor Sentiment Holds the Key to Price Action
As of this writing, SHIB has fallen 14% weekly and 3.49% in the past 24 hours, to a value of $0.00002736.
An increase in whale activity may seem like a good thing, but it won't necessarily lead to a price boost right away. Investor confidence and a general upturn in the market can determine whether SHIB's price follows suit.
Although SHIB's price has been relatively stable recently, it could see a surge if it breaks above key resistance levels. On December 12, Shiba Inu hit resistance close to the $0.00003 line; a loss today would make it three days in a row where the price fell.
Shiba Inu Faces Resistance Levels Amid Potential Breakout
Nevertheless, SHIB's price could surge over $0.000033 if it manages to break beyond the $0.00003 barrier. SHIB has the potential to reach $0.000039 and then $0.000046, U.Today shares.
Shiba Inu can give bears the upper hand if it drops below the 50-day simple moving average of $0.0000246. Due to the RSI being at the midpoint, SHIB prices are likely to trade in a range for the next few days.
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