Dog-themed cryptocurrency Shiba Inu (SHIB) has made a comeback in whale activity, sparking interest on the crypto market.
According to IntoTheBlock, in the last 24 hours, SHIB recorded a staggering 551% increase in large transaction volume, indicating whale activity, either buying or selling, totaling 1.6 trillion SHIB, with $18.24 million in such transactions moving across the blockchain.
Large transactions, typically defined as transfers exceeding $100,000, are often used to track the behavior of whales, or large holders. The recent increase might indicate fresh interest among large holders, potentially setting the stage for significant market moves.
The 1.6 trillion SHIB recorded in large transaction volume in the last 24 hours marks the highest in the last seven days. Shiba Inu whale transactions have largely flatlined since June 24, with a low of 236.19 billion SHIB reached on June 29.
This spike in whale transactions may indicate a mix of accumulation and repositioning as the Shiba Inu price awaits its next major move. Large holder inflows have likewise been impacted, flipping positive and up 271% in the week.
SHIB price action
At press time, SHIB was down 1.79% in the last 24 hours as the broader crypto market slightly dipped at the start of July.
Shiba Inu rose over the weekend to reach a high of $0.00001198 on June 29, but bulls were unable to sustain the momentum as the market failed to back the move with sufficient volumes.
Going forward, a decisive move above the moving averages 50 and 200 at $0.00001298 and $0.00001553 would kickstart the next move to $0.00002, while support is envisaged at $0.00001, where Shiba Inu confirmed support in April and late June if declines persist.
