Shiba Inu bulls are on a critical mission at the start of 2024: to regain the psychological $0.00001 level. Shiba Inu had sustained above the key $0.000010 at the 2023 close, much to the delight of the bulls.
However, bears struck the market on Jan. 3 after rumors of Bitcoin spot ETF rejection spooked the market.
SHIB fell to lows of $0.000009 subsequently, thus adding an extra zero to its price tag. SHIB has since then seen a back and forth in its price action, with bulls putting up a valiant effort to return Shiba Inu to the much-coveted $0.0001 level and thereby erase a zero from SHIB's price.
Much of the battle for the bears has been to sustain SHIB above the daily MA 50 at $0.0000963, slightly above where it presently trades.
At the time of writing, SHIB was down 2.15% in the last 24 hours to $0.00009567, per CoinMarketCap data, with bears remaining in the driver's seat since Jan. 4.
Shiba Inu triggers trillions of SHIB in transaction volume
As bulls put in a critical fight to regain the key $0.00001 level, Shiba Inu is attracting trillions of SHIB in transaction volume.
In the last 24 hours, SHIB saw 7.33 trillion in transaction volume, per IntoTheBlock data; 5.75 trillion SHIB accounted for large transaction volume, which refers to the volume of transactions over $100,000, which is indicative of whale or institutional activity.
Transaction volume, which measures the total volume of on-chain transactions, might reflect both trading and non-speculative activity.
Thus, transaction volume, like trading volume on exchanges, can assist in identifying reversals and breakouts.
Increased transaction volume during major price declines could indicate both panic selling by holders and large investors buying despite the uncertainty. As such, the strong transaction volume might act as a sign of a reversal in the price trend.