Over the past 24 hours, Shiba Inu (SHIB) has seen a notable increase in large transactions, a metric often indicative of whale activity. According to data from the blockchain analysis platform, In the blockThe volume of large transactions – that is, those greater than $100,000 – has skyrocketed by 295%.
Over the past 24 hours, Shiba Inu (SHIB) has seen a notable increase in large transactions, a metric often indicative of whale activity. According to data from the blockchain analysis platform, In the blockThe volume of large transactions – that is, those greater than $100,000 – has skyrocketed by 295%.
This increase suggests that large SHIB holders or whales are actively buying or selling while transferring large amounts of cryptocurrency. According to data from IntoTheBlock, 4.95 trillion SHIB worth $95.57 million represented a large transaction volume in the last 24 hours, representing an increase of 295%.
The volume of the Shiba Inu network is not only higher in the number of SHIB tokens traded but also in the large amount that was moved through the blockchain. According CoinMarketCap According to data, SHIB dropped by 10.44% in the last 24 hours to $0.0000181, and its trading volume also increased by 156% in the indicated time period.
That said, the recent increase in large trading volume could be a strategic move by the whales to create a price floor, with the aim of stabilizing SHIB prices and preventing further declines.
Tomiwabold OlajideThis is crucial as Shiba Inu reaches a critical threshold where a large number of investors acquired a huge amount of SHIB.
According to data from IntoTheBlock, in Shiba Inu’s current trading range, 501.18 billion SHIB were purchased by 80,950 addresses in the range of $0.000014 to $0.000019 at an average price of $0.000016.
Support levels are key price points where buying interest tends to be strong enough to prevent further declines. In this case, the 501 billion SHIB range is particularly significant due to the substantial volume involved.
Tomiwabold OlajideIf the huge surge in whale-driven trading volume successfully defends the SHIB 501 trillion range, it could prevent further price declines and potentially lead to a rally. This would be a positive signal for SHIB price, indicating strong underlying support.
On the contrary, if the support level does not hold, SHIB could see further declines. This scenario would lead traders to look for new support levels, possibly in the range of $0.000008 to $0.000014, and could lead to a longer period of price volatility.
