The dog-themed cryptocurrency Shiba Inu (SHIB) is showing a massive rise in a whale activity indicator.
Shiba Inu is seeing a spike in large transaction volume, which provides insight into the total amount traded by whales on a given day.
Shiba Inu has seen a jump of 551.43% in the volume of large transactions, which are those involving transfers of more than $100,000. Per IntoTheBlock data, large transaction volumes skyrocketed from 902.36 billion SHIB on Jan. 14 to 5.9 trillion SHIB.
A surge in large transaction volumes frequently indicates huge activity among whales, whether buying or selling.
The last 24 hours have seen $56.45 million worth of SHIB in large transactions. This equates to 5.9 trillion SHIB in crypto terms. The transaction volume reported on-chain in the last 24 hours totaled 6.61 trillion SHIB.
SHIB price action
Shiba Inu, now the 17th largest cryptocurrency by market value, traded at $0.00000964 at press time, reflecting a 0.12% loss in the last 24 hours.
The cryptocurrency market has been under pressure since spot exchange-traded funds (ETFs) began trading in the United States last Thursday. Shiba Inu was not exempted from the bearish pressure, subsequently adding a zero to its price tag as the entire crypto market sank.
Despite the drop, SHIB remains in green weekly, up by 3.77% in the last seven days.
On the upside, the next daunting task for the bulls is to conquer the daily MA 50 barrier at $0.0000099, which would allow SHIB to erase an extra zero from its price tag.
Contrary to this, if declines perpetuate, SHIB might meet significant support at $0.0000085, from where it has rebounded twice so far this January.