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According to on-chain data, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a staggering 522% surge in large transaction volume, a metric indicative of whale activity, raising speculation of a major price shift.
According to data from IntoTheBlock, the volume of large transactions involving SHIB — typically defined as those surpassing $100,000 — has increased considerably in the last 24 hours. Shiba Inu's large transaction volume rose to 1.95 trillion SHIB, or $25.83 million, over the past day, marking a 522% surge.
Spikes in large transaction volumes indicate increased activity among whales or institutional players, either buying or selling. Whales typically accumulate during periods of consolidation or decline.
Currently, SHIB is attempting a recovery following a recent market sell-off. After weeks of gains, Bitcoin-led market action has traders closely watching for signals of a potential cooling-off period. Caution is emerging among some as technical signals suggest that the rise may be losing momentum.
However, this surge in large transaction volume hints at behind-the-scenes accumulation with "smart money" making moves, which could act as fuel for the next breakout if positive momentum returns.
SHIB price action
At press time, SHIB was up 3.35% in the last 24 hours to $0.00001317 following a three-day rebound from its May 31 low of $0.00001226.
A handful of cryptocurrencies were trading in the green after a sell-off over the weekend resulted in nearly $1 billion in liquidations, rattling traders.
Shiba Inu's rebound culminated in an intraday high of $0.00001345, where it encountered resistance. In the next few days, a convincing break above the daily SMA 50, now at $0.00001384, which capped SHIB prices from late December to April, could be key for SHIB's next major move.
A break over the daily SMA 200 at $0.00001769 could signal the start of the next leg of SHIB's uptrend, while support is expected at $0.00001 if selling pressure increases.
Vladislav Sopov
U.Today Editorial Team