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According to data from IntoTheBlock, the dog-themed cryptocurrency Shiba Inu (SHIB) represents a surge in whale action.
The large trading volume of Shiba Inu has increased as the Shiba Inu price struggles to recover from previous losses.
IntoTheBlock’s large trading volume indicator shows the total amount traded by whales on a given day.
In this sense, Shiba Inu showed an increase of 124.6%, indicating an increase in large transactions, which refer to those of more than $100,000 in the last day.
Increases in large transaction volumes often indicate high activity among whales, either buying or selling.
In the last 24 hours, $14.68 million in large transaction volumes were captured. In crypto value, 1.73 trillion SHIB represented large transaction volumes in the last day.
SHIB Price Action
At the time of writing, SHIB had risen marginally in the last 24 hours to $0.00000884. Shiba Inu saw a sharp rise in early trading today, reaching $0.00000915.
The bulls initiated a bounce after yesterday’s swing price action, which saw SHIB hit highs of $0.00000919 before pulling back below this level to hit intraday lows of $0.0000082.
Shiba Inu broke through this low, but the bulls were unable to continue rising and Shiba Inu began to fall along with the rest of the market.
The Bitcoin-led cryptocurrency market has reversed previous price gains as investors respond to the SEC delaying a decision on HashDex’s BTC spot ETF application.
On the upside, the $0.00000966 level remains the hurdle that the bulls must overcome for SHIB to lose a zero. If this happens, SHIB may aim for the next level of $0.00001134.
On the other hand, SHIB appears to have developed solid support near $0.00008, or the daily MA 200 if the declines intensify.
