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Shiba Inu Activity Jumps 295% as Whales Dive in to Save SHIB's Crucial Support

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Tue, 18/06/2024 - 11:09
Shiba Inu Activity Jumps 295% as Whales Dive in to Save SHIB's Crucial Support
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In the last 24 hours, Shiba Inu (SHIB) has seen a remarkable increase in large transactions, a metric often indicative of whale activity. According to data from blockchain analytics platform, IntoTheBlock, the volume of large transactions - which refers to those above $100,000 - has soared by 295%.

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This surge suggests that large SHIB holders or whales are actively buying or selling while transferring large amounts of the cryptocurrency. According to data from IntoTheBlock, 4.95 trillion SHIB worth $95.57 million accounted for large transactions volume in the last 24 hours, representing a 295% increase.

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Global In/Out of the Money, Courtesy: IntoTheBlock

Volume for the Shiba Inu network is not only higher in the quantity of SHIB tokens traded but also in the sheer amount that was moved across the blockchain. According to CoinMarketCap data, SHIB was down 10.44% in the last 24 hours to $0.0000181, and its trading volume was also higher by 156% in the stated time frame.

That said, the recent increase in large transaction volume might be a strategic move by whales to create a price floor, aiming to stabilize SHIB prices and prevent further declines.

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This is crucial as Shiba Inu reaches a critical threshold where an enormous quantity of SHIB was acquired by a large number of investors.

According to IntoTheBlock data, at Shiba Inu's current trading range, 501.18 trillion SHIB were acquired by 80,950 addresses in the range of $0.000014 to $0.000019 at an average price of $0.000016.

Support levels are key price points where buying interest tends to be strong enough to prevent further declines. In this case, the 501 trillion SHIB range is particularly significant due to the substantial volume involved.

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If the whale-driven large transaction volume surge successfully defends the 501 trillion SHIB range, it could prevent further price declines and potentially lead to a rebound. This would be a positive sign for SHIB's price, indicating strong underlying support.

Conversely, if the support level fails to hold, SHIB could experience further declines. This scenario would prompt traders to look for new support levels, possibly in the range of $0.000008 to $0.000014, and might lead to a more extended period of price volatility.

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