Large transaction spikes are usually linked to increased activity from whales
According to data from IntoTheBlock, there has been a massive 479% increase in large transactions on the Shiba Inu network in the past 24 hours. The number of large transactions, or those above $100,000, suddenly hit a weeks high, with 81 in the past 24 hours.
Large transaction spikes are usually linked to increased activity from whales or large holders, who are either buying or selling. It might be related to the large movement of SHIB made by this category of holders in the last 24 hours.
At the time of publication, Shiba Inu was trading at $0.0000093, down 3.60% over the past 24 hours, according to data from CoinMarketCap. However, it has gained 3.17% in the last seven days.
According to the Shibburn Twitter handle, in the past 24 hours, there have been a total of 44,328,245 $SHIB tokens burned in 11 transactions. However, the SHIB burn rate was down 36.80% within the said time frame.
SHIB Price Action
On its daily chart, SHIB produced a long green candlestick as it continued to climb above the November 22 low at $0.0000081. Prior to this significant increase, SHIB was consolidating in a range.
SHIB attacked the crucial barrier at the daily MA 50, yielding highs of $0.00001016 on Dec. 5 before a retreat occurred. SHIB later reversed course and is currently trading in the $0.000009 to $0.00001016 range.
A strong break above the $0.000010 level will not only remove the extra zero from SHIB price but it will also be necessary for any further upside moves.
If prices fall from current levels, SHIB may hold onto the $0.00009 level, where it is forming a base, but if the sell-off worsens, bears may risk a drop to $0.000081.
