The amount of major transactions involving the well-known meme cryptocurrency Shiba Inu (SHIB) has surged 290% in the last day, from 1.23 trillion SHIB to 3.57 trillion SHIB, according to statistics from IntoTheBlock.
This rise was reflected in a monetary increase in transaction volume, which went from $29.93 million to $91.04 million. Over the course of the previous day, 268 similar whale trades were made. It is imperative that transactions valued at least $100,000 be the only ones considered.
The price movement of the well-known meme cryptocurrency on the previous day was equally captivating. SHIB’s price increased by 4.89% over the previous day, peaking at $0.00002623. The price of the Shiba Inu token is now declining by almost 3%, though, because to worries over Mt. Gox’s ability to meet its Bitcoin obligations.
The price of the Shiba Inu is currently in an intriguing situation where the size of each daily candle, as well as its tops and bottoms, are growing smaller. This appears to be very much a bullish accumulation, but one has to be careful since approaches like this to a critical resistance level might trap purchasers.
The chart indicates that, regardless of the result, the SHIB price is preparing for its next major move, and the whales are obviously anticipating it as well, having gathered billions of tokens ahead of time.
