The dog-themed cryptocurrency Shiba Inu (SHIB) is drawing attention with a significant increase in whale activity over the past 24 hours. According to data from the on-chain data platform IntoTheBlock, the volume of large transactions, an indicator of whale activity within the Shiba Inu network, has surged by 303.43% in the last 24 hours. Despite the strong increase in whale activity, SHIB’s price has not made a strong move beyond the $0.000009 level in recent days. SHIB’s price has been hovering below the $0.00001 level for some time.
Price Unresponsive to Increase in Whale Activity
Considering Shiba Inu’s lackluster price movement recently, the increase in whale activity continues to be surprising. However, it should not be forgotten that whales tend to buy at lower prices during downturns or consolidation periods. Therefore, sudden spikes in large transaction volumes are a sign of high activity among whales, such as buying or selling.
According to IntoTheBlock’s data, the large transaction volume, which gives an idea about the total amount of transactions carried out by whales in one day, reached $13.36 million worth of SHIB, equivalent to 1.48 trillion SHIB.
After days of decline in large transaction volume, Shiba Inu saw an increase in whale activity in the last 24 hours, reaching the lowest level of the past seven days with 361.33 billion SHIB on January 27th. This reflects a sharp drop from the highest level of 20.2 trillion SHIB reached on January 24th. Shiba Inu’s transaction volume also saw a notable jump in the last 24 hours, reaching 2.31 trillion SHIB.
Current Status of SHIB’s Price
As of the writing of this article, SHIB is trading at $0.000009, down 1.41% in the last 24 hours. The popular dog-themed memecoin‘s price has been hovering below the $0.00001 level for a while. On January 28th, SHIB rose to $0.00000925, but the bulls could not sustain the upward pressure. If whales were to show strength again, SHIB could aim for the next level at $0.00000984.
On the other hand, if the downward trend continues, SHIB could face strong support near the $0.0000085 level, which has saved the altcoin from sharp declines three times in January.
