Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a significant increase in whale moves, with large transaction volumes up 258% in the last 24 hours, according to data from IntoTheBlock.
This spike in activity is drawing attention, leaving the market to speculate on the potential catalysts that might be driving increased interest among whales.
According to IntoTheBlock, Shiba Inu has reported 6.42 trillion SHIB in large transaction volumes, or $175 million in monetary terms, representing a 258% surge in the last 24 hours.
A spike in large transaction volume suggests increased whale activity, either buying or selling. Large transactions refer to amounts exceeding $100,000 and represent moves by large holders, referred to as whales, or institutional players.
Despite the substantial increase in large transaction volume, Shiba Inu's price has risen only marginally, up 0.27% in the last 24 hours to $0.000027.
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This shows that, while the increase in whale activity is significant, it has not yet translated into a major price move. This minor price movement amid increased transaction volumes could indicate a period of consolidation, where the market is absorbing increased activity before potentially making a more significant move.
What's brewing?
The increase in whale activity could indicate preparations for larger market moves or accumulation by large holders. Whales might be positioning themselves for a potential price rise, buying SHIB at its current price levels before a broader market move. If this is so, it could signal optimism in SHIB’s long-term potential.
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Shiba Inu has steadily declined since hitting resistance at $0.0000298 on Dec. 12.
In the event of a SHIB price reversal, eyes will be on a sustained break of the $0.0000334 resistance, which will kickstart a fresh uptrend for the SHIB price. Before this, Shiba Inu must decisively surmount the $0.00003 barrier.
On the other hand, if the current trend of price declines continues, Shiba Inu might eye support at the daily SMA 50 at $0.000025.
