Discovery, Shiba Inu found a significant increase in whale activity, will it have a major impact?

Whale activity for the popular meme token (SHIB) has increased significantly recently. According to Cryptocurrency data, large transaction volume above $100,000 increased by 295%.

An increase in whale activity indicates that large SHIB holders or whales are actively buying or selling large amounts of the cryptocurrency. Large transaction volume increased by 295% in the past 24 hours, including 4.95 trillion SHIB worth $95.57 million.

SHIB is down 10.44% over the past 24 hours to trade at $0.0000181, with trading volume increasing by 156% in the given time frame. However, the recent significant increase in trading volume may be a strategic move by whales to create a price floor to stabilize SHIB prices and prevent further declines.

This is important because Shiba Inu has reached a critical threshold with large numbers of investors purchasing large amounts of SHIB. 80,950 addresses purchased 501.18 trillion SHIB at an average price of $0.000016, with prices ranging from $0.000014 to $0.000019. Support is a critical price point where buying interest is strong enough to prevent further declines.

In this case, the 501 trillion SHIB range is particularly important because of the large transaction volumes involved. If a massive whale-driven volume increase defends the 501 trillion SHIB range, it could prevent further price declines and potentially lead to a recovery. This is a positive sign for SHIB price, indicating strong underlying support.

Conversely, if the support level cannot be maintained, SHIB could fall further. This scenario could lead investors to seek new support levels in the $0.000008 to $0.000014 range, resulting in a longer period of price volatility.

Overall, SHIB has seen an increase in whale activity, indicating the frequency of large transactions, which could have a significant impact on its price movements. Investors will need to pay close attention to these developments as the market becomes volatile and key support levels are tested.

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