A recent surge in transaction volumes for the cryptocurrency Shiba Inu has caught the attention of investors and analysts. Transaction volumes reached 7.37 trillion SHIB in 24 hours, potentially foreshadowing future price fluctuations.
Record Transaction Volume
The transaction volume of Shiba Inu (SHIB) over a 24-hour period has reached 7.37 trillion. Historically, such spikes in network activity predict times of high price volatility.
Current Price Support
Currently, the price of SHIB stands at $0.00001270, which is a critical support level. This horizontal level has bounced off several times, providing dual-layered support as it aligns with the 50 EMA.
Price Movement Prospects
If the support at $0.00001270 is not maintained, SHIB could plunge toward the lower boundary at $0.00001100, erasing recent accumulation gains. Conversely, there remains potential for a breakout above $0.00001400 if buying pressure follows this volume spike.
Investors should brace for high-velocity swings in either direction as the observed surge in transaction volumes may indicate an impending significant change in the market.
