According to IntoTheBlock data, Shiba Inu has seen a 148% surge in large transaction volume in the last 24 hours.
Large transactions — defined as those greater than $100,000 — are often indicators of whale activity, which can signal significant buying or selling pressure.
Large transaction volume for Shiba Inu came to $300.98 million, or 11.61 trillion SHIB, in the last 24 hours.
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The recent spike in such transactions highlights interest from large holders. However, the broader impact on SHIB's price has been muted, as selling pressure seems to be dominating the market.
The broader cryptocurrency market is currently experiencing a pullback, with several assets declining following the market's recent surge. Bitcoin has fallen 1.80% in the last 24 hours, to $96,883. Many crypto assets were trading down, with some, such as XRP and Dogecoin, experiencing double-digit losses of up to 13%. SHIB was not immune to the bearish trend, falling from the 12th to 14th spot in the crypto market ranking as its market value dropped to $14.76 billion.
At the time of writing, Shiba Inu is trading at $0.00002486, down 9.05% in the last 24 hours despite the increased whale movements. This divergence suggests that while whales are actively transacting, the broader market sentiment remains cautious.
Some whales might be taking profits after the recent surge in SHIB's price, leading to increased selling pressure.
SHIB price action
Shiba Inu turned up from lows of $0.000023 on Nov. 21. From this date, Shiba Inu experienced three straight days of increases, peaking at $0.00002816 on Nov. 23 before retreating.
SHIB/USD Daily Chart, Courtesy: TradingView
At the time of writing, SHIB was trading at $0.00002494, a substantial drop from the intraday high of $0.0000281 set earlier today.
To restart the upward movement, buyers must push the price above the immediate $0.0000281 resistance level. This move might trigger a rise to the crucial $0.000029 level. A break and close above $0.000029 might spark an uptrend to $0.000039 and to $0.000047.
On the other hand, if the SHIB price falls and breaks below $0.000023, this could imply that bears have returned. Shiba Inu may fall to the daily 50 SMA of $0.000020.
