Shiba Inu whales make big moves, large trnx jumps amid price drop - CryptoCrazeNews

Shiba Inu whales make big moves, large trnx jumps amid price drop

Shiba Inu whales make big moves, large trnx jumps amid price drop

Shiba Inu whales make big moves, large trnx jumps amid price drop

The dog-themed Shiba Inu (SHIB) has experienced a significant spike in whale activity, with a staggering 303.43% increase in large transaction volume within the last 24 hours, according to data from IntoTheBlock. Despite this surge, SHIB’s price has struggled to surpass the $0.000009 mark in recent days, raising questions about the correlation between whale activity and market performance.

Why is Shiba rising so fast?

On January 28, bulls attempted to propel SHIB’s price beyond the $0.0000093 level but fell short. The recent lackluster price action of Shiba Inu adds an element of surprise to the sudden surge in whale activity. It is important to note that whales often take advantage of market downturns or periods of consolidation to make substantial transactions at a discounted rate.

IntoTheBlock data reveals that Shiba Inu’s large transaction volume, indicating the total value transacted by whales in a day, reached $13.36 million worth of SHIB, equivalent to 1.48 trillion SHIB in crypto terms.

The spike in whale activity comes on the heels of Shiba Inu experiencing a seven-day low in large transaction volume, hitting 361.33 billion SHIB on January 27. This marked a significant decline from the peak of 20.2 trillion SHIB recorded on January 24. Additionally, Shiba Inu’s network transaction volume saw a notable increase in the last 24 hours, reaching 2.31 trillion SHIB.

How is the SHIB market?

As of the latest update, SHIB is down 0.53% in the last 24 hours, trading at $0.00000904, reflecting the overall market decline. Despite reaching highs of $0.00000925 on January 28, bulls struggled to sustain the upward momentum.

If the bulls manage to reignite the rally, SHIB could potentially target the $0.00000984 resistance level next. However, if declines persist, SHIB faces robust support near the $0.0000085 level, which has prevented steeper declines three times in January.

To gain a better understanding of this market phenomenon, it is essential to recognize that whales, which represent large investors, might exploit periods of market uncertainty to either accumulate or sell off assets. The surge in large transaction volumes indicates heightened activity among whales, either buying or selling SHIB. The global crypto market cap currently stands at $1.63 trillion, reflecting a marginal 0.14% decrease over the last day. Investors continue to closely monitor these fluctuations in market capitalization

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