Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a comeback in whale activity, with large transaction volumes surging 41.39% in the last 24 hours, according to data from IntoTheBlock.
This spike represents a total of 2.79 trillion SHIB, or $76.48 million in monetary terms, signaling renewed interest from large holders after days of declining activity.
Large transactions are defined as transfers exceeding $100,000, often related to institutional players or large holders, or “whales.” The current increase might suggest that these large holders might be reentering the market, potentially gearing up for significant moves in SHIB’s price.
Shiba Inu has recently had lackluster performance, with falling large transaction volumes and a dip in overall trading activity.
Tomiwabold OlajideIn the last 24 hours, Shiba Inu's trading volume was down 18.25% to $679.45 million, per CoinMarketCap data. According to IntoTheBlock, Shiba Inu's large transaction volume has declined since Dec. 10, from 18.85 trillion SHIB to 1.9 trillion SHIB on Dec. 13.
The recent 41% surge in whale transactions might indicate a possible shift in sentiment; whales may be accumulating SHIB at a discount as the crypto market faces profit-taking.
Crypto-tracked futures saw nearly $252 million in liquidations over the last 24 hours as the market sell-off accelerated in the early Sunday trading session. The majority of cryptocurrency assets, including SHIB, traded in the red.
Will prices follow?
At the time of writing, SHIB was down 3.49% in the last 24 hours to $0.00002736 and down 14% weekly.
While an increase in whale activity might seem positive, it does not guarantee an immediate price gain. For SHIB’s price to follow, investor sentiment and a broader market rally might be key.
A break above critical resistance levels could spark a rally, but for now, SHIB’s price remains steady. Shiba Inu encountered resistance near the $0.00003 level on Dec. 12 and will mark three out of four days in red if today ends in losses.
However, a clear breach above the $0.00003 barrier could boost SHIB's price above $0.000033. SHIB might rise to $0.000039, then to $0.000046. If Shiba Inu falls below the 50-day SMA of $0.0000246, the bears might get an advantage. The RSI is at the midpoint, indicating that SHIB prices might trade in a range in the coming days.
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Vladislav Sopov