The dog-themed cryptocurrency Shiba Inu (SHIB) is showing a massive rise in an indicator of whale activity.
The dog-themed cryptocurrency Shiba Inu (SHIB) is showing a massive rise in an indicator of whale activity.
Shiba Inu is experiencing an increase in high trading volume, providing insight into the total amount traded by whales on a given day.
Shiba Inu has experienced a 551.43% jump in the volume of large transactions, which are those involving transfers of more than $100,000. By In the block According to data, large transaction volumes soared from 902.36 billion SHIB on January 14 to 5.9 trillion SHIB.
An increase in large transaction volumes often indicates high activity among whales, either buying or selling.
Large SHIB transactions worth $56.45 million have occurred in the last 24 hours. This is equivalent to 5.9 trillion SHIB in crypto terms. The reported on-chain transaction volume in the last 24 hours amounted to 6.61 trillion SHIB.
SHIB Price Action
Shiba Inu, now the 17th largest cryptocurrency by market value, was trading at $0.00000964 at the time of publication, reflecting a 0.12% loss in the past 24 hours.
The cryptocurrency market has been under pressure since spot exchange-traded funds (ETFs) began trading in the United States last Thursday. Shiba Inu was not exempt from the bearish pressure, subsequently adding a zero to its price as the entire crypto market tanked.
Despite the drop, SHIB remains in the green on a weekly basis, up 3.77% over the past seven days.
On the upside, the next daunting task for the bulls is to conquer the MA 50 daily barrier at $0.0000099, which would allow SHIB to erase an extra zero from its price.
On the contrary, if the declines continue, SHIB could find significant support at $0.0000085, from where it has rallied twice so far in January.
