According to U.Today, Shiba Inu (SHIB) has experienced a significant increase in large transactions over the past 24 hours, a factor often associated with whale activity. Data from blockchain analytics platform, IntoTheBlock, reveals that the volume of large transactions, defined as those exceeding $100,000, has surged by 295%. This increase suggests that large SHIB holders, or whales, are actively buying or selling while moving substantial amounts of the cryptocurrency. In the last 24 hours, 4.95 trillion SHIB worth $95.57 million accounted for the volume of large transactions, marking a 295% increase.
The volume for the Shiba Inu network is not only higher in the number of SHIB tokens traded but also in the total amount transferred across the blockchain. CoinMarketCap data shows that SHIB was down 10.44% in the last 24 hours to $0.0000181, and its trading volume was also higher by 156% in the stated time frame. This recent increase in large transaction volume could be a strategic move by whales to establish a price floor, aiming to stabilize SHIB prices and prevent further declines.
As Shiba Inu reaches a critical threshold where a massive quantity of SHIB was acquired by a large number of investors, this becomes crucial. IntoTheBlock data shows that at Shiba Inu's current trading range, 501.18 trillion SHIB were acquired by 80,950 addresses in the range of $0.000014 to $0.000019 at an average price of $0.000016. These support levels are key price points where buying interest tends to be strong enough to prevent further declines. The 501 trillion SHIB range is particularly significant due to the substantial volume involved.
If the surge in large transaction volume driven by whales successfully defends the 501 trillion SHIB range, it could prevent further price declines and potentially lead to a rebound. This would be a positive sign for SHIB's price, indicating strong underlying support. However, if the support level fails to hold, SHIB could experience further declines. This scenario would prompt traders to look for new support levels, possibly in the range of $0.000008 to $0.000014, and might lead to a more extended period of price volatility.