Dog-themed Shiba Inu (SHIB) has attracted increased whale activity in the last 24 hours. Per IntoTheBlock data, Shiba Inu's large transaction volume, an indicator of whale activity, has soared by 303.43%.
Notably, the SHIB price has failed to advance significantly beyond the $0.000009 mark in the last few days. Bulls' attempted to push the SHIB price to stop short of the $0.0000093 level on Jan. 28.
Given Shiba Inu's recent lackluster price action, the spike in whale activity remains surprising. However, it should be borne in mind that whales often take advantage of periods of decline or consolidation to buy at a discount.
Thus, spikes in large transaction volumes might point to high activity among whales, either buying or selling.
According to IntoTheBlock data, Shiba Inu's large transaction volume, which provides an idea of the total amount transacted by whales in a day, amounted to $13.36 million worth of SHIB. This equals 1.48 trillion SHIB in crypto terms.
Shiba Inu saw an increase in whale activity in the last 24 hours after reaching a seven-day low following days of declines in large transaction volume. Shiba Inu hit a seven-day low in its large transaction volume, reaching 361.33 billion SHIB on Jan. 27. This represented a sharp decrease from the high of 20.2 trillion SHIB reached on Jan. 24.
Shiba Inu network transaction volume also saw a jump in the last 24 hours, reaching 2.31 trillion SHIB.
SHIB price action
At the time of writing, SHIB was down 1.41% in the last 24 hours to $0.000009, mirroring the general market declines.
The total crypto market capitalization fell 1.52% in the last 24 hours to $1.62 trillion, marking a boring start to the week.
SHIB advanced to highs of $0.00000925 on Jan. 28, but bulls could not sustain the climb. If bulls restart the rally, SHIB might target the $0.00000984 resistance level next.
On the other hand, if declines persist, SHIB faces strong support near the $0.0000085 level, which rescued SHIB from steeper declines three times in January.