Shiba Inu’s enormous transaction volume over the past 24 hours is estimated by on-chain analytics company IntoTheBlock to be 767.35 billion SHIB.
Shiba Inu shows a rise in major transaction volume of 66.35%, or $5.61 million, in terms of dollar value.
According to IntoTheBlock, big transactions are ones that are over $100,000. A rise in this measure is typically correlated with a boost in activity by whales or huge holders who are either buying or selling. This may also be connected to the recent significant movement of SHIB made by the holders in the aforementioned class.
Large holders’ actions have been shown to often affect the price of SHIB. Over the past 24 hours, it appeared that this was the case. SHIB abruptly moved over $0.0000075 on June 18, hitting a nearly one-week high, as evidence of this.
SHIB recovered to trade in a range after plunging on June 10 to lows of $0.000006 as circumstances gradually improved. According to SHIB’s daily RSI, there has been a slight rebound from oversold levels, although the indicator is still below the neutral threshold.
The minor recovery from oversold levels can be noted as SHIB saw four straight days of gains, reaching highs of $0.0000075.
Shiba Inu is currently seeing some slight profit-taking as some of the gains are slowing down.
Shiba Inu was trading at $0.0000072 at the time of writing, up slightly over the previous 24 hours and 8% for the previous 7 days, according to data from CoinMarketCap.
Shiba Inu is seeing an increase in trade volume, which is the quantity of units bought and sold and is up 108% over the previous day.
According to CoinMarketCap statistics, 24,293,142,331,977 SHIB worth $175,068,453 have been exchanged in the last day.
