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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a whopping 170% in large transaction volume, an indicator that denotes whale activity.
IntoTheBlock classifies as large transactions those where an amount greater than $100,000 was transferred. In this case, the Large Transactions Volume indicator estimates the aggregate amount in crypto terms transferred in such transactions.
That said, spikes in large transaction volume point to high activity among institutional players either buying or selling.
According to IntoTheBlock data, Shiba Inu's large transaction volume is up 170.84% in the last 24 hours, coming in at $467.2 million, or 21.62 trillion SHIB.
The recent 170% spike in whale transactions involving SHIB suggests that large players might be actively participating in the defense of a 39 trillion SHIB price range. According to IntoTheBlock data, 39.68 trillion SHIB is being held in the range of $0.000021 and $0.000022 by 41,640 addresses.
Tomiwabold OlajideAs the market's whales, or large holders, intensify their activity, it might seem that there is a concerted effort to maintain the value of Shiba Inu at this pivotal level. The 39 trillion SHIB mark has become a battleground where bulls are not just passively hoping for stability but are actively working to ensure it.
Successfully defending the support level could pave the way for a price rebound. If the 39 trillion SHIB level holds, it may attract more buyers, leading to upward price momentum.
Bitcoin dipped on Tuesday, falling to lows near $66,000 before slightly recovering. Shiba Inu also nursed losses, down 1.21% in the last 24 hours to $0.0000219.
Global markets are on edge ahead of a Federal Reserve interest-rate decision and key U.S. inflation figures. Crypto investors are particularly alert for potential volatility. In this light, eyes are on Shiba Inu's price to adjust its next move.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team