According to U.Today, Shiba Inu (SHIB), a dog-themed cryptocurrency, has experienced a remarkable increase in whale activity, with a 382.88% rise in large transaction volume. Over the past 24 hours, Shiba Inu's large transaction volume has escalated from 507.81 billion SHIB to 2.54 trillion SHIB, as per data from on-chain analytics platform IntoTheBlock. The volume of large transactions, each valued at $100,000 or more, has surged by 382.88%, amounting to $60.56 million.
This surge aligns with a concerted effort by bullish traders to maintain a crucial 45 trillion SHIB range, indicating the fierce battle between bullish and bearish forces over the Shiba Inu price. IntoTheBlock data reveals that 45.78 trillion SHIB were purchased by 50,590 addresses at SHIB's current trading price range between $0.000023 and $0.000025, with an average price of $0.000024. At the time of reporting, Shiba Inu was leaning towards the lower end of the range, down 5% in the last 24 hours to $0.00002363.
The ongoing battle between bulls and bears is intensifying, and the importance of Shiba Inu's current trading price range is crucial. A successful defense could trigger renewed bullish momentum, potentially driving Shiba Inu to new highs. On the other hand, a breach of this support at this range could lead to increased selling pressure, testing the resolve of bullish traders and indicating a shift in market sentiment.
In the context of a bullish defense of the critical 45 trillion SHIB range, the stage is set for a high-stakes face-off between bulls and bears, with the SHIB community awaiting the outcome. If the bulls triumph, SHIB might face its next resistance in the $0.000025 to $0.000030 region; if the bears succeed in driving the SHIB price lower, support is anticipated in the $0.000019 and $0.000023 range.