At the beginning of 2024, Shiba Inu bulls are on a crucial mission: to reclaim the psychological $0.00001 level. To the joy of the bulls, Shiba Inu had maintained above the crucial $0.000010 at the 2023 close.
On January 3, however, bears entered the market as market anxiety increased over reports of Bitcoin spot ETF rejection.
After then, SHIB dropped to lows of $0.000009, adding an additional zero to its price. Since then, SHIB’s price movement has oscillated back and forth, with bulls making a strong attempt to push Shiba Inu back to the highly sought-after $0.0001 level and remove a zero from SHIB’s price.
Maintaining SHIB above the daily MA 50 at $0.0000963, which is somewhat above where it now trades, has been a major part of the bears’ fight.
According to CoinMarketCap statistics, SHIB was down 2.15% in the previous day at $0.00009567 at the time of writing. Bears have maintained control of the market since January 4.
Shiba Inu triggers trillions of SHIB in transaction volume
Transaction activity on Shiba Inu is drawing billions of SHIB as bulls seek to reclaim the crucial $0.00001 mark.
According to IntoTheBlock statistics, SHIB recorded a transaction volume of 7.33 trillion on the previous day; 5.75 trillion of those transactions were classified as big transaction volume, or the amount of transactions over $100,000, which is a sign of whale or institutional activity.
Both trading and non-speculative activity may be reflected in transaction volume, which counts the total number of on-chain transactions.
Therefore, transaction volume can help identify reversals and breakouts, just as trading volume on exchanges.
Increased transaction activity after significant drops in price may be a sign of panicked selling by holders as well as huge investors purchasing despite the unpredictability. Because of this, the high amount of transactions might indicate that the price trend is about to reverse.
