Shiba Inu Whale Activity Explodes 258% as 6.42 Trillion SHIB Transfers Shake the Market

Shiba Inu’s (SHIB) whale activity skyrocketed 258%, with 6.42 trillion SHIB worth $175 million moved in 24 hours. Market watchers are speculating on whether this signals accumulation or a looming price breakout.

Whale Moves for Shiba Inu Skyrocket 258% in Just 24 Hours

IntoTheBlock data shows that whale moves have increased by 258% in the previous 24 hours for the dog-themed cryptocurrency Shiba Inu (SHIB).

Everyone is talking about this sudden uptick in activity, so now the market is trying to figure out what may be causing whales to be so interested.

There has been a 258% increase in the last day's Shiba Inu major transaction volumes, with 6.42 trillion SHIB, or $175 million, recorded by IntoTheBlock.

6.42 Trillion SHIB Transactions Spark Market Speculation

Increased buying or selling activity by whales is indicated by a spike in big transaction volume. Major transactions, sometimes called "whales" or "institutional players," involve sums greater than $100,000 and indicate actions by major investors.

Although there has been a significant surge in the number of huge transactions, the price of Shiba Inu has only gone up 0.27 percent in the past day, reaching $0.000027.

Shiba Inu Price Shows Little Reaction Despite Whale Activity

It is evident that the recent surge in whale activity has not resulted in a substantial change in pricing as yet. This little change in price despite higher transaction volumes may be an indication that the market is consolidating, taking in more activity before making a bigger move.

Large holders may be accumulating or preparing for bigger market moves, depending on the reason behind the uptick in whale behavior, U.Today explains. Perhaps whales are waiting for the market as a whole to make a move before purchasing SHIB at its current price in anticipation of a possible price increase. If this holds true, it may indicate that SHIB's future prospects are bright.

Shiba Inu Price Faces Key Resistance at $0.00003

Since hitting resistance at $0.0000298 on December 12, Shiba Inu has been steadily declining.

If the SHIB price were to reverse, traders would be looking for a new uptrend to begin after the price breaks the $0.0000334 resistance level. This won't happen until Shiba Inu successfully crosses the $0.00003 threshold.

SMA 50 Could Offer Support as Decline Continues

But if the downward trend in prices keeps up, Shiba Inu can try to find support at the daily SMA 50, which is $0.000025. Shiba Inu (SHIB) Updates.