Dog-themed crypto currency Shiba Inu is seeing a spike in its whale activity as bulls make frantic efforts to erase a zero from the SHIB price.
At the time of writing, SHIB was trading below the $0.00001 mark, up 4.25% in the last 24 hours to $0.0000093.
According to IntoTheBlock data, Shiba Inu is seeing a 1,288% spike in large transaction volume, which reflects the total amount in crypto terms moved in large transactions.
For context's sake, large transactions refer to those where more than $100,000 were transferred.
Large Transaction Volume indicates the total amount transacted by whales or large holders in a single day. Increases in large transaction volumes point to high activity among whales, either buying or selling.
Per IntoTheBlock data, large transaction volumes reached 9.38 trillion SHIB in the last 24 hours, which was remarkably the highest in the last seven days.
Shiba Inu dipped to lows of $0.0000085 in yesterday's trading as the market fell at the start of Monday as investors eagerly awaited the SEC's decision on a Bitcoin spot ETF.
The tide suddenly changed, with the crypto market swiftly rebounding as Bitcoin rose to a 21-month high.
Shiba Inu likewise rebounded, reaching highs of $0.0000096 on Jan. 8, falling short of reaching $0.00001. The bulls' attempt to push SHIB toward the $0.00001 level stopped short in today's trading, with SHIB once again hitting a barrier at $0.000096.
On the upside, SHIB faces a hurdle at the daily MA 50 level at $0.0000967, which might continue to thwart bulls' attempts to erase a zero from Shiba Inu's price except if breached. Once this is achieved and SHIB attains the $0.00001 level, SHIB might target the $0.000011 level next.
On the other hand, if bears gain the upper hand, SHIB might retest lows around $0.0000085.