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Dog-themed cryptocurrency Shiba Inu (SHIB) is showing signs of a comeback as large transaction volume, a metric indicative of whale activity, reversed into green territory after days of decline.
According to IntoTheBlock data, Shiba Inu's large transaction volume is up 61.45% in the last 24 hours to $34.28 million, or 2.38 trillion SHIB in crypto terms.
As reported, Shiba Inu's large transaction volume saw a 74% drop in five days, from 5.76 trillion SHIB on May 20 to 1.47 trillion SHIB on May 25.
Large transaction volume is often used as a proxy to monitor whale activity, referring to transactions worth more than $100,000. When this metric rises, it implies that major players are either accumulating or redistributing tokens.
Hence, the uptick in large transaction volume in the last 24 hours for SHIB, though not explosive, remains significant, sparking speculation about renewed interest from whales or large holders.
Shiba Inu price action
Shiba Inu remains broadly consolidated between its moving averages of 50 and 200 at $0.0000135 and $0.0000181, respectively. In recent days, specifically since May 24, Shiba Inu's range trading has tightened, with prices fluctuating between $0.0000139 and $0.00001475.
A decisive move above or below the daily moving averages of 50 and 200 might signal the direction of Shiba Inu's next move. Also, the broader crypto market would be watched to gauge investor sentiment.
At press time, Shiba Inu was showing minute intraday gains alongside the rest of the crypto market, up 0.31% in the last 24 hours to $0.0000144. The daily RSI has flattened at the 50-midpoint level, increasing the likelihood of consolidation or range trading in the coming days.
U.Today Editorial Team
Vladislav Sopov