In the past 24 hours, whale activity has surged around Shiba Inus with dog themes (SHIB). Shiba Inu’s high transaction volume, a sign of whale activity, has increased by 303.43%, according to IntoTheBlock statistics.
Remarkably, for the past few days, the SHIB price has not moved much over $0.000009. On January 28, bulls made an attempt to drive the SHIB price to halt just below the $0.0000093 mark.
The recent lacklustre price behaviour of Shiba Inus makes the rise in whale activity all the more startling. But keep in mind that whales frequently take advantage of downturns or consolidations to purchase at a reduced price.
Therefore, increases in the volume of transactions may indicate that whales are actively buying or selling.
Shiba Inu’s substantial transaction volume, which gives a sense of the total amount traded by whales in a day, amounted to $13.36 million worth of SHIB, according to IntoTheBlock statistics. In cryptocurrency, this is equivalent to 1.48 trillion SHIB.
After declining significantly in major transaction volume for many days, Shiba Inu suffered a seven-day low in whale activity, which has since increased in the previous 24 hours. On January 27, Shiba Inu’s major transaction volume reached 361.33 billion SHIB, a seven-day low. When compared to the peak of 20.2 trillion SHIB on January 24, this showed a significant decline.
The amount of transactions on the Shiba Inu network increased over the previous day to 2.31 trillion SHIB.
SHIB price action
As of this writing, SHIB had down 1.41% to $0.000009 over the previous day, reflecting broader market losses.
It was a dull start to the week as the overall market capitalization of cryptocurrencies dropped by 1.52% to $1.62 trillion in the past 24 hours.
On January 28, SHIB reached highs of $0.00000925, but bulls were unable to keep up the gain. Should bulls decide to resume their rise, SHIB may next aim for the resistance level of $0.00000984.
However, if losses continue, SHIB has solid support in the vicinity of the $0.0000085 level, which prevented SHIB from experiencing three instances of worse decreases in January.
