The dog-themed cryptocurrency, Shiba Inu (SHIB), has once again captured attention in the crypto market due to the increase in whale activity.
Surge in SHIB Large Transaction Volume
In the last 24 hours, Shiba Inu (SHIB) recorded an impressive 551% increase in large transaction volume, indicating whale activity. The total amount of large transactions reached 1.6 trillion SHIB, with $18.24 million in such transactions moving across the blockchain. Transactions exceeding $100,000 are often used to track large holder behavior, and the recent spike may indicate renewed interest among these investors which could lead to significant market movements.
Analysis of Shiba Inu Price Action
At press time, SHIB was down 1.79% in the last 24 hours as the broader crypto market saw a slight dip. Shiba Inu rose to a high of $0.00001198 on June 29, but the sustainability of this trend was put into question due to a lack of supporting trading volume. A decisive move above the moving averages at $0.00001298 and $0.00001553 could trigger the next wave of growth towards $0.00002, while support at $0.00001 has been confirmed in April and late June.
Prospects for Shiba Inu
The increase in whale activity has also coincided with changes in inflows from large holders, which have flipped positive and increased by 271% over the week. This could indicate a process of accumulation and repositioning among major investors who are waiting for the next significant price movement.
Whale activity in Shiba Inu may signal potential changes in the market. Other investors are watching the situation closely, awaiting the next significant price move.
