A whale activity indicator for the dog-themed cryptocurrency Shiba Inu (SHIB) is significantly rising.
A significant increase in transaction activity on Shiba Inu offers information about the overall amount exchanged by whales on any given day.
The amount of major transactions—transactions involving transfers of more than $100,000—on Shiba Inu has increased by 551.43%. Large transaction volumes surged from 902.36 billion SHIB on January 14 to 5.9 trillion SHIB, according to IntoTheBlock statistics.
Increased transaction numbers sometimes signal a flurry of activity from whales, whether they are purchasing or selling.
Large SHIB transactions totaling $56.45 million have been made in the past 24 hours. In cryptocurrency, this is equivalent to 5.9 trillion SHIB. In the previous twenty-four hours, 6.61 trillion SHIB worth of transactions were recorded on-chain.
SHIB price action
As of the time of writing, Shiba Inu, the 17th-largest cryptocurrency by market value, was trading at $0.00000964, down 0.12% over the previous day.
With the opening of spot exchange-traded funds (ETFs) for trading in the US last Thursday, the cryptocurrency market has been under pressure. Bearish pressure also hit Shiba Inu, which added a zero to its price when the whole cryptocurrency market crashed.
SHIB is still positive weekly despite the decline; it has increased by 3.77% during the past seven days.
On the plus side, the bulls’ next difficult challenge is to break through the daily MA 50 barrier at $0.0000099, which would enable SHIB to remove a another zero from its price.
On the other hand, if losses continue, SHIB may find strong support at $0.0000085, from where it has already recovered twice in January.
