Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant increase in whale movements, with large transaction volumes up 258% in the last 24 hours, according to IntoTheBlock.
This surge in activity is attracting attention, causing the market to speculate on potential catalysts that could spark increased interest among whales.
According to IntoTheBlock, Shiba Inu reported SHIB 6.42 trillion in high transaction volumes, or $175 million in monetary value, representing a 258% increase in the last 24 hours.
The surge in high transaction volume suggests an increase in whale activity, both buying and selling. Large transactions refer to amounts greater than $100,000 and represent the actions of large holders called whales or institutional players.
Despite the significant increase in large transaction volume, the Shiba Inu price has increased only slightly, rising 0.27% over the past 24 hours to $0.000027.
This shows that while the increase in whale activity is significant, it has not yet translated into significant price movements. This minor price movement amid increased transaction volumes could indicate a period of consolidation as the market absorbs increased activity before potentially making a larger move.
What’s brewing?
Increased whale activity could indicate preparation for larger market moves or asset accumulation by large holders. Whales may be preparing for a potential price rise by buying SHIB at current prices ahead of the broader market move. If so, this could signal optimism about SHIB’s long-term potential.
The Shiba Inu price has been steadily declining since reaching resistance at $0.0000298 on December 12th.
In the event of a reversal in SHIB price, the focus will be on a sustained break of the $0.0000334 resistance, which will begin a new uptrend in SHIB price. Before this, Shiba Inus must decisively overcome the $0.00003 barrier.
On the other hand, if the current downward price trend continues, the Shiba Inu could expect support at the daily SMA 50 at $0.000025.
