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Per IntoTheBlock data, the dog-themed cryptocurrency Shiba Inu (SHIB) is depicting a spike in whales' action.
Shiba Inu's large transaction volume has increased as the Shiba Inu price strives to recover from earlier losses.
The large Transactions Volume indicator from IntoTheBlock depicts the total amount transacted by whales on a given day.
In this regard, Shiba Inu was showing a 124.6% increase, indicating an increase in large transactions, which refer to those over $100,000 in the past day.
Increases in Large transaction volumes often point to high activity among whales, either buying or selling.
In the last 24 hours, $14.68 million was captured in large transaction volumes. In crypto value, 1.73 trillion SHIB accounted for large transaction volumes in the past day.
SHIB price action
At the time of writing, SHIB was marginally up in the last 24 hours to $0.00000884. Shiba Inu saw a sharp spike in early trading today, reaching $0.00000915.
Bulls initiated a rebound after yesterday's see-saw price action, which saw SHIB touch highs of $0.00000919 before retracing below this level to reach intraday lows of $0.0000082.
Shiba Inu rose above this low, but bulls were unable to continue the rise, and Shiba Inu began to fall along with the rest of the market.
The crypto market led by Bitcoin has reversed earlier price gains as investors respond to the SEC delaying a decision on HashDex's spot BTC ETF application.
On the upside, the $0.00000966 level remains the hurdle for bulls to clear for SHIB to lose a zero. If this occurs, SHIB may aim for the $0.00001134 level next.
On the other hand, SHIB appears to have developed sturdy support near $0.00008, or the daily MA 200 if drops intensify.