Data from IntoTheBlock reveals a remarkable 290% surge in the volume of large transactions involving the popular meme cryptocurrency Shiba Inu (SHIB) over the past 24 hours. The volume skyrocketed from 1.23 trillion SHIB to an impressive 3.57 trillion SHIB.
In dollar terms, this increase mirrored a transaction volume spike from $29.93 million to $91.04 million. Notably, the data includes only those transactions where the size was at least $100,000. Within the last 24 hours, there were a total of 268 such whale deals.
Price Action Attracts Attention
The price action of Shiba Inu over the past day has been equally attention-grabbing. Within the last 24 hours, SHIB’s price rose by 4.89%, reaching a peak of $0.00002623. However, concerns related to Mt. Gox fulfilling its Bitcoin obligations have led to a more than 3% decline in SHIB’s price today.
SHIB to USD by CoinMarketCap
The Shiba Inu price now finds itself in an interesting position. Each successive daily candle is becoming smaller in size, as well as in its highs and lows. This pattern resembles bullish accumulation. Nevertheless, one must remain cautious, as approaching a key resistance level can sometimes trap buyers.
Related article: Shiba Inu’s Weekly Volume Patterns Signal Imminent Market Reset
Whale Activity And Future Predictions
Despite the current price fluctuations, the chart suggests that SHIB is gearing up for its next significant move. Whales appear to be preparing for this by accumulating billions of tokens in advance. This accumulation indicates a strategic buildup, signaling potential bullish trends in the near future.
Related article: Shiba Inu (SHIB) Faces a Crucial Test: Key Insights and Market Analysis
The recent data from IntoTheBlock highlights significant whale activity and a notable surge in SHIB transactions. As the market watches closely, the Shiba Inu price seems poised for a substantial move. However, traders should stay vigilant due to the potential volatility at key resistance levels.
The active involvement of whales in accumulating SHIB tokens underscores the anticipation of major market movements ahead.
