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In a surprising turn of events, dog-themed cryptocurrency Shiba Inu ($SHIB) has seen a 228% surge in large transaction volume, a metric indicative of whale activity.
According to IntoTheBlock data, Shiba Inu's large transaction volume surged 228.41% in the last 24 hours to reach $17 million or 1.27 trillion $SHIB in crypto terms.
Large transactions refer to those greater than $100,000, and a surge in volume of these transactions might suggest whale activity, either buying or selling.
Following a steady drop in large transaction volume since April 28, Shiba Inu surged at May's start, rising from 383.55 billion $SHIB to 1.27 trillion $SHIB on May 2.
At the time of writing, $SHIB was down 1.34% in the last 24 hours to $0.00001323 as the majority of the crypto market saw profit-taking.
Is something coming?
The recent surge in whale activity is drawing attention as $SHIB stands on the verge of a gigantic barrier where 539.28 trillion $SHIB were previously bought.
According to IntoTheBlock data, next to where $SHIB trades is a massive resistance zone that lies in the range of $0.000014 to $0.000019. This is where a staggering 539.28 trillion $SHIB tokens are held by 150,680 addresses at an average price of $0.000016.
If the $SHIB price manages to break above this level, it could spark a bullish rally following a flood of buying orders, hence pushing the price higher. On the other hand, a lack of buying pressure at this range might trigger a pullback or consolidation.
Shiba Inu's attempt to wade through this zone culminated at a high of $0.00001525 on April 26, after which it declined to trade in a range.
As Shiba Inu's price consolidates, the market will be looking out for clues on $SHIB's next breakout while paying attention to investor sentiment.