u.today
In the last 24 hours, Shiba Inu ($SHIB) has seen a remarkable increase in large transactions, a metric often indicative of whale activity. According to data from blockchain analytics platform, IntoTheBlock, the volume of large transactions - which refers to those above $100,000 - has soared by 295%.
This surge suggests that large $SHIB holders or whales are actively buying or selling while transferring large amounts of the cryptocurrency. According to data from IntoTheBlock, 4.95 trillion $SHIB worth $95.57 million accounted for large transactions volume in the last 24 hours, representing a 295% increase.
Volume for the Shiba Inu network is not only higher in the quantity of $SHIB tokens traded but also in the sheer amount that was moved across the blockchain. According to CoinMarketCap data, $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.
That said, the recent increase in large transaction volume might be a strategic move by whales to create a price floor, aiming to stabilize $SHIB prices and prevent further declines.
This is crucial as Shiba Inu reaches a critical threshold where an enormous quantity of $SHIB was acquired by a large number of investors.
According to IntoTheBlock data, 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.
Support levels are key price points where buying interest tends to be strong enough to prevent further declines. In this case, the 501 trillion $SHIB range is particularly significant due to the substantial volume involved.
If the whale-driven large transaction volume surge 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.
Conversely, 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.