Shiba Inu Whale Activity Soars 170% to Hold 39 Billion SHIB

Shiba Inu Whale Activity Soars 170% to Hold 39 Billion SHIB

The dog-themed cryptocurrency Shiba Inu (SHIB) has recorded a massive 170% trading volume, an indicator that denotes whale activity.

The dog-themed cryptocurrency Shiba Inu (SHIB) has recorded a massive 170% trading volume, an indicator that denotes whale activity.

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IntoTheBlock classifies large transactions as those in which an amount greater than $100,000 was transferred. In this case, the Large Transaction Volume indicator estimates the aggregate amount in cryptographic terms transferred in said transactions.

That said, spikes in large transaction volume point to high activity among institutional players, whether buying or selling.

According to IntoTheBlock dataThe large trading volume of Shiba Inu increased by 170.84% ​​in the last 24 hours, reaching $467.2 million, or 21.62 trillion SHIB.

In the block
Global money in and out, courtesy of IntoTheBlock

The recent 170% increase in whale transactions involving SHIB suggests that big players could be actively participating in defending a 39 trillion SHIB price range. According to IntoTheBlock data, 41,640 addresses hold 39.68 trillion SHIB in the range of $0.000021 and $0.000022.

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Mon, 06/10/2024 – 11:36
40 Billion Shiba Inu (SHIB) in the Spotlight as Bulls and Bears Clash

As the market whales, or large holders, step up their activity, it might appear that there is a concerted effort to keep the value of Shiba Inu at this fundamental level. SHIB’s 39 trillion mark has become a battleground where bulls not only passively wait for stability but actively work to ensure it.

Successfully defending the support level could pave the way for a price rally. If the 39 trillion SHIB level holds, it may attract more buyers, leading to bullish price momentum.

Bitcoin fell on Tuesday, falling to lows near $66,000 before recovering slightly. Shiba Inu also posted losses, falling 1.21% in the last 24 hours to $0.0000219.

Global markets are nervous ahead of a decision on Federal Reserve interest rates and key US inflation figures. Cryptocurrency investors are particularly alert to potential volatility. In this sense, eyes are on the Shiba Inu price to adjust its next move.

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