According to data from IntoTheBlock, whale action has seen a noticeable rise in the dog-themed cryptocurrency Shiba Inu (SHIB) over the past 24 hours. The number of large transactions, seen as a sign of whale activity, has increased by 303.43%.
Even though there are a lot of whales trading, the price of SHIB has been having a hard time moving above $0.000009. The SHIB price posed an upward momentum but didn’t reach the $0.0000093 level on Jan. 28. Given Shiba Inu’s recent lackluster price performance, the sudden rise in whale behavior is intriguing.
Shiba Inu’s Large Transactions Surge
Whales often buy at lower prices during downturns or consolidations, which is essential to remember. Because of this, the surge in significant transactions may mean that whales buy or sell more.
IntoTheBlock data shows that Shiba Inu’s large transaction volume, which shows how many whales are on a buying spree in a day, hit $13.36 million worth of SHIB, which is 1.48 trillion SHIB in crypto terms.
Shiba Inu has seen an increase in whale activity over the last 24 hours after hitting a seven-day low. This comes after several days of decreasing significant transaction volume. Shiba Inu’s large trade volume hit a low point of 361.33 billion SHIB on Jan. 27. That is a steep drop from Jan. 24, when it hit a high of 20.2 trillion SHIB. Shiba Inu network transactions have increased over the last 24 hours, hitting 2.31 trillion SHIB.
SHIB has dropped by 1.41% in the last 24 hours and is now trading at $0.000089. This is in line with the general market drop. The overall value of the cryptocurrency market dropped by 1.52% in the last 24 hours, reaching $1.62 trillion. This is a slow start to the week.
SHIB hit a high point of $0.00000925 on Jan. 28, but the bulls couldn’t keep it going. If the bullish trend starts again, SHIB might go after the support level at $0.00000984.
