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Dog-themed cryptocurrency Shiba Inu (SHIB) has experienced a significant price increase, soaring as much as 7% in the last 24 hours.
This surge coincides with a jump in large transaction volume, which estimates the total amount transacted by whales in a given day. Large transaction volumes are often indicative of whales (large holders) making significant moves. Increases in this metric suggest higher activity among whales either buying or selling.
According to IntoTheBlock, Shiba Inu's large transaction volume came to 3.78 trillion SHIB or $66.61 million in USD terms, representing an increase of 46.79% in the last 24 hours.
Shiba Inu's price increase also corresponded with a larger market recovery, as the Shiba Inu meme gained attention in the week.
“Back to the Future” star Christopher Lloyd recently reunited with DeLorean, the manufacturer of the film’s iconic car, for the new Time Capsule series of digital collectibles.
A Time Capsule trailer shot by filmmaker Allan Ungar depicts Lloyd in a tribute to his "Back to the Future" character Doc Emmett Brown, along with easter eggs, a DeLorean car, a hazmat-suited character and — as a nod to Web3 — a Shiba Inu dog.
In response to a tweet posted by the official SHIB X handle, American automobile manufacturer DeLorean teased support for SHIB.
Elon Musk's Tesla's Cybercab also featured a Shiba Inu dog at its unveiling this week.
Shiba Inu price jumps 7%
After four consecutive days of falls, Shiba Inu's dip to a low of $0.000016 on Oct. 10 was met with buying. Shiba Inu has been extending its comeback since Oct. 11, signaling that bulls continue to seek higher prices.
At the time of writing, SHIB was up 3.21% in the last 24 hours to $0.00001794. If buyers push the price above $0.000019, SHIB might rise to $0.000022. This level may once again serve as a significant barrier, but if the bulls succeed, the surge might extend to $0.000026.
If bears wish to stop the upward trend, they must bring the SHIB price below $0.000016. That might trigger a decline to the 50-day SMA ($0.000015), and then to the key support at $0.000012.