Shiba Inu (SHIB), a dog-themed cryptocurrency, has seen a surge in whale activity, with billions of SHIB tokens changing hands in a single day.
According to statistics from IntoTheBlock, the amount of significant transactions using SHIB, which are defined as those worth more than $100,000, increased by 102.03% in the last 24 hours. High transaction volumes are frequently symptomatic of whale activity.
These trades totaled 1.02 trillion SHIB, or roughly $9.97 million. Large transaction volumes provide insight into the overall amount transacted by whales and institutional players on a particular day.
Large transaction volumes increased significantly, from 513.97 billion SHIB on February 17 to 1.02 trillion SHIB on February 18. Increases in big transaction volumes indicate increased activity among whales, whether buying or selling.
Shiba Inu price weighs next move
Transaction amount, which represents the total amount of transactions recorded on-chain, was 1.93 SHIB trillion on February 18. Transaction volume can signal both trading and non-speculative activity, making it useful for identifying reversals and breakouts.
Shiba Inu transaction volume increased steadily on February 17 and 18 as bulls considered the next steps in SHIB price movement.
At the time of writing, SHIB was up 0.97% in the last 24 hours to $0.0000097. The bulls’ efforts to break the $0.00001 barrier and therefore remove a zero from the SHIB price halted over the weekend when they were rejected at this critical level.
SHIB reached highs of $0.00001005 on February 15 and 16, confirming resistance at this critical level. In the immediate term, bulls will look for a sustained break over $0.000010 before moving on to $0.000011 and $0.000012.
On the downside, substantial support is found around $0.00000867, which corresponds with the daily MA 50.
