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In the last 24 hours, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant increase in transaction volume.
According to IntoTheBlock data, Shiba Inu transaction volume increased significantly to 4.49 trillion SHIB, up from 3.14 trillion SHIB the day before.
The 4.49 trillion SHIB in transaction volume reflects a significant rise in network activity, indicating increased interest in the meme coin. This spike reflects an increase in market participation and might be related to whale activity, accumulation or preparation for major market events. SHIB's increased activity could also align with broader market trends.
The larger crypto market is recovering, fueled by Bureau of Labor Statistics figures released a day earlier. Reassuring U.S. inflation data boosted global markets, renewing bets on additional Federal Reserve interest rate cuts.
The increase in transaction volume could be a response to these market conditions, as investors seek to capitalize on potential opportunities.
The surge in transaction volume sparks speculation about what might be next for Shiba Inu. If the trend continues, it could signal a major move ahead for the cryptocurrency. The market will be closely monitoring the Shiba Inu price, looking for signs of sustained momentum or potential reversals.
SHIB price action
Shiba Inu, like other digital assets, has seen price increases over the last 24 hours. At the time of writing, SHIB was up 3.78% in the last 24 hours to $0.000022 and up 5.52% in the last 24 hours.
Shiba Inu hit support at a low of $0.00001960 on Jan. 13, halting its falls and beginning to recover. Shiba Inu rose for two straight days, reaching a high of $0.00002284 on Jan. 15.
Moving upward, the next major hurdle lies at the daily SMA 50 at $0.00002485; a break above this level could spark a more substantial rally. The support at the daily SMA 200 at $0.000019 remains a critical level for SHIB to hold to maintain its upward momentum.
Meanwhile, SHIB stays in a sideways range between its daily moving averages of 50 and 200, waiting for the next major move.
Dan Burgin
U.Today Editorial Team
