2,729,065,817,171 SHIB Moved in 24 Hours as Shiba Inu Attempts Breakout

The crypto market has kick-started the weekend with shifting investor sentiment, which has seen prices of many cryptocurrencies record impressive gains.

Shiba Inu also followed the trend, with its price seeing a brief bounce back above $0.00001190 in the last day. However, there has been no noticeable increase in its on-chain activity over the last day, according to data provided by CryptoQuant.

The data shows that only about 2.7 trillion SHIB tokens have been transferred across exchanges and cold wallets as of Sept. 26, a notable decline from the 3 trillion volume recorded in the previous day.

SHIB's breakout attempt threatened again?

Amid the recurring market bloodbath witnessed across the broad crypto market, Shiba Inu is seen repeatedly shattering the hopes of traders who have remained optimistic for a breakout again.

While it has continued to attempt a surge above the key resistance level at $0.000013, SHIB’s price has seen a major rejection with its price falling as low as $0.0000115 in the previous day.

While it has resumed to the positive side today, Shiba Inu has shown a sharp resurgence in its price, recording daily gains of 2.14%.

With the price of Shiba Inu recording an intraday high of $0.00001198 on Saturday, investors are hopeful that the second-largest meme token by market capitalization is headed for another breakout, which could possibly push its price toward erasing another zero.

However, with no substantial increase in the total value of SHIB tokens transferred in a single day, investors are worried that the ongoing price rally might be short-lived, seeing the asset record another failure on its latest breakout attempt.

Another catch for SHIB's next price action

It is also important to note that the slowdown in the amount of SHIB transferred over the last day may not be entirely bearish for the token’s next price action.

Oftentimes, declines in this crucial metric have also preceded bullish rallies. The reduction in the SHIB transfer volume could mean that only few tokens have been sent to majors exchanges like Coinbase, signaling reduced sell pressure and stronger conviction among investors to hold their assets for longer.

As such, all hopes are not entirely lost for SHIB’s next breakout as this could be the beginning for the token to achieve its next price target.