Dog-themed cryptocurrency Shiba Inu has seen a 388% increase in large transactions in the last 24 hours. The past day saw a large transaction volume of 6.48 trillion SHIB. This is the highest in the last seven days.
The large transaction volume from IntoTheBlock estimates the total amount transacted by whales on a particular day. Increases in the volume of large transactions suggest that whales are actively buying or selling.
Shiba Inu prices have fallen since the start of the week, reaching lows of $0.00000671 on Oct. 11. Shiba Inu was down 1.16% in the last 24 hours to $0.00000678 at the time of writing. Shiba Inu fell to lows not seen since June of this year as the market experienced a sell-off.
What to watch
Shiba Inu is dropping in step with the crypto market, and if today finishes in the negative, it will be the fifth straight day of losses.
If Shiba Inu continues to fall, the $0.00000543 level may come into view, from which Shiba Inu may trigger a run if history repeats itself. Shiba gained approximately 80% in the weeks following its test of this critical level, reaching highs of $0.00000846 in late June.
If Shiba Inu makes a bullish rebound, a break above the moving average MA 50 at $0.00000746 and subsequently the moving average (MA) 200 at $0.00000853 might spark a new rally.
Shiba Inu traders might also pay attention to the general market trend. Crypto traders are keeping watch on U.S inflation statistics, which could help define the Federal Reserve's next policy actions, a day after the release of the minutes from the Fed's most recent meeting revealed officials were cautious.
The September consumer price index data for the United States is due today, and it is expected to reveal that inflation eased last month. Thursday's CPI publication follows a mixed report on U.S. producer prices and the minutes from the Fed's September meeting on Wednesday.