Shiba Inu (SHIB), a cryptocurrency with a dog motif, has experienced an incredible spike in whale activity, with a massive transaction volume of 382.88%.
According to statistics from the on-chain analytics site IntoTheBlock, Shiba Inu’s huge transaction volume increased from 507.81 billion SHIB to 2.54 trillion SHIB in the past day.
As a result, the number of significant transactions worth $100,000 or more has increased dramatically by 382.88%, reaching $60.56 million.
This spike is in line with bullish traders’ aggressive efforts to maintain a crucial 45 trillion SHIB range, indicating the fierce competition between bullish and bearish forces for the Shiba Inu price.
50,590 addresses purchased 45.78 trillion SHIB at the current trade price range of $0.000023 to $0.000025, with an average price of $0.000024, according to IntoTheBlock statistics.
As of this writing, Shiba Inu was down 5% over the previous day to $0.00002363, edging closer to the bottom end of the range.
It is impossible to overestimate the importance of Shiba Inu’s present trading price range as the struggle between bulls and bears heats up. With a strong defence in place, the Shiba Inu may see fresh bullish momentum and reach all-time highs.
On the other hand, a break of this range’s support might lead to more selling pressure, which would put optimistic traders to the test and indicate a change in the mood of the market.
The SHIB community is preparing for the conclusion of a high-stakes fight between bulls and bears, which is set against the backdrop of a bullish defence of the crucial 45 trillion SHIB range.
The next barrier for SHIB, if bulls win out, could be found between $0.000025 and $0.000030; if bears are successful in pushing the price of SHIB down, support could be found between $0.000019 and $0.000023.
