The Shiba Inu (SHIB) cryptocurrency named after the dog has seen a return to whale activity, with large transaction volumes up 41.39% in the last 24 hours, according to data from IntoTheBlock.
The surge represents a total of 2.79 trillion SHIB, or $76.48 million in monetary value, indicating renewed interest from large holders after days of low activity. Large transactions are defined as transfers over $100,000, and are often associated with institutions or large holders, or “whales.” The current surge could indicate that these large holders may be returning to the market, preparing for significant price moves.
Shiba Inu stock has been on a lackluster run recently, with lower volumes and overall trading activity.
Over the past 24 hours, Shiba Inu trading volume has fallen by 18.25% to $679.45 million, according to data from CoinMarketCap. According to IntoTheBlock, Shiba Inu’s massive trading volume has fallen since December 10, from 18.85 trillion SHIB to 1.9 trillion SHIB on December 13. The recent 41% spike in whale trading could signal a potential shift in sentiment; whales may be accumulating SHIB at a discount as the crypto market faces profit-taking. Cryptocurrency-related futures have seen nearly $252 million liquidated over the past 24 hours as the market selloff accelerated in the early trading session on Sunday. The majority of crypto assets, including SHIB, are trading in the red. Will prices follow suit? At the time of writing, SHIB is down 3.49% in the past 24 hours to $0.00002736 and down 14% on the week.
While increased whale activity may seem positive, it does not guarantee an immediate price spike. Until a SHIB stock price spike follows, investor sentiment and the broader market rally could be key factors.
A break above critical resistance levels could spark a rally, but for now, SHIB price is holding steady. Shiba Inu faced resistance near the $0.00003 level on December 12 and would mark three out of four days in the red if the day ended with losses. However, a clear break above the $0.00003 barrier could boost SHIB price above $0.000033. SHIB could rally to $0.000039 and then to $0.000046. If Shiba Inu breaks below the 50-day SMA at $0.0000246, bears could gain an advantage. The RSI is at its midpoint, suggesting that SHIB price could trade in a range in the coming days.#ShibaInu (SHIB) News#BTCReclaims101K #2024withBinance #MajorAirdropWatch
