A new twist in the Shiba Inu (SHIB) ecosystem has emerged. According to on-chain statistics for the last 24 hours, the popular meme-inspired cryptocurrency has seen increased whale activity.
Increase in Whale Activity
According to data from IntoTheBlock, 1.3 trillion SHIB were transferred in large transactions, each worth at least $100,000, in the past day. This figure is 115% higher than the previous day. In dollar terms, this increase represented a $10.15 million rise in the volume of large transactions, totaling 62 in all, which is 63% higher than the average.
Shiba Inu Price Dynamics
Over the past 24 hours, the price of the Shiba Inu token has jumped 5.62%, reaching $0.0000145, its highest in a month. More importantly, the price has broken through the dynamic resistance level set after the March pump, which has served as a strong barrier for the past six months. This breakthrough occurred after a year-to-date gain of 8.15%.
Future SHIB Price Prospects
Attention is now focused on the $0.000016 level, as this could be the next major resistance level. If successfully breached, the next significant target would be around $0.0000183 per SHIB, a level that has often proven difficult for the popular meme coin to surpass.
The increased whale activity and rising price of the Shiba Inu token indicate a growing interest in the cryptocurrency. Future price movements will depend on how SHIB performs at key resistance levels in the coming days.
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