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Over the last 24 hours, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a substantial rise in whale activity, with large transaction volume increasing by 136%.
Large transactions, according to IntoTheBlock, are ones in which more than $100,000 is moved. These transactions are notable because they frequently signal buying or selling by large holders or whales.
The volume of Large Transactions, in particular, provides an estimate of the overall amount transacted by whales and institutional participants on a given day.
In the case of Shiba Inu, the volume of large transactions reached $43.47 million in the last 24 hours, or 3.03 trillion in cryptocurrency terms, signifying a 136% rise.
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Despite this increase in large transaction volume, the price of SHIB has yet to reflect this heightened activity among major holders.
At the time of writing, the SHIB price was higher by 4% in the last 24 hours to $0.00001474, not matching the surge in whale activity in the same time frame. This could be related to a variety of factors, although the actual explanation remains unknown. Whales might be in a steady accumulation phase, slowly buying up SHIB. The liquidity in the market might have also absorbed the increased activity without causing a significant price surge.
It is worth noting that Shiba Inu is currently outpacing the top 20 cryptocurrencies in terms of daily gains, implying that overall market sentiment may have had an impact on Shiba Inu price action.
What’s next for SHIB price?
Shiba Inu began to increase on Sept. 17, and today would be the fifth day of gains if it closed in the green today. A sustained break above the daily SMA 50, which has largely constrained the Shiba Inu price since April, might be needed for SHIB to continue its current bullish momentum.
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In this scenario, SHIB might rally to $0.000016 before aiming for the daily SMA 200 at $0.0000208, where bears are expected to stage a robust defense. If the price falls below $0.000014, SHIB might persist in range-bound trading.
If this happens, the daily SMA 50 might provide the initial level of support on the downside, followed by $0.000013. A dip below below $0.000013 might signify the resumption of a downtrend.
