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Dog-themed cryptocurrency Shiba Inu is seeing a 367% surge in large transaction volume, a metric indicative of whale activity.
According to IntoTheBlock data, Shiba Inu's large transaction volume came in at $43.52 million, or 3.21 trillion SHIB in crypto terms, representing a 367% surge.
Large Transactions Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicates increased activity among whales, either buying or selling.
Tomiwabold OlajideThe bullish whale activity surge coincides with a SHIB price increase. In the last 24 hours alone, SHIB's price has increased by 2.22%, continuing its upward momentum.
SHIB price rebounds
Shiba Inu began to recover after reaching a low of $0.00001231 on Sept. 6. The rebound continued for three days, with SHIB reaching a high of $0.0000137 on Sept. 9. At the time of writing, SHIB's price had slightly eased, with SHIB trading at $0.0000134.
Shiba Inu's recovery correlates with an overall market recovery. Bitcoin is making a nice comeback following a rough start to September, with the price falling below $53,000 at one point last Friday.
Crypto advances are occurring amid an increase in U.S. stocks, which also suffered a setback last week. The Nasdaq and S&P 500 both rose 1.15% on Monday.
September has proven to be a historically weak month for cryptocurrency prices. The good news is that October and the fourth quarter in general have proven to be favorable for price movement.
In the following days, the market will closely monitor SHIB's performance in light of the bullish whale activity. In the event of sustained price momentum, all eyes are on a decisive break above the daily SMA 50 and 200, which could target a rally to $0.00003 for SHIB's price action.
Mushumir Butt
Yuri Molchan