cryptocurrency with a dog theme Whale activity on Shiba Inu is increasing as bulls scramble to remove a zero off the SHIB price.
SHIB was trading below $0.00001 at the time of writing, having increased 4.25% over the previous day to $0.0000093.
Shiba Inu is witnessing a 1,288% surge in high transaction volume, which represents the total amount in cryptocurrency exchanged in large transactions, according to IntoTheBlock statistics.
Large transactions are ones in which the total amount transacted exceeds $100,000, for the purpose of context.
The entire amount that whales or large investors trade in a single day is indicated by the term “large transaction volume.” Larger transaction numbers indicate more whale activity, whether it is through purchasing or selling.
Large transaction volumes in the recent 24 hours reached 9.38 trillion SHIB, according to IntoTheBlock statistics, which was impressively the largest in the previous seven days.
Shiba Inu plummeted to lows of $0.0000085 during yesterday’s trade, coinciding with the market’s early Monday decline as investors anticipated the SEC’s decision about a Bitcoin spot ETF.
The crypto market quickly recovered and Bitcoin reached a 21-month high, signalling a dramatic shift in the market’s direction.
Shiba Inu also recovered, peaking at $0.0000096 on January 8 but falling short of $0.00001. In today’s trade, the bulls’ effort to drive SHIB towards the $0.00001 level failed, as SHIB again encountered resistance at $0.000096.
Upside, SHIB encounters a barrier at $0.0000967, the daily MA 50 level, which, barring a break, may continue to impede bulls’ attempts to remove a zero from Shiba Inu’s price. SHIB may aim for the $0.000011 level after achieving this and reaching the $0.00001 level.
Conversely, should bears take control, SHIB may revisit lows of $0.0000085.
