Dog-themed cryptocurrency Shiba Inu (SHIB) has witnessed a spike in whale activity as billions of SHIB tokens were shifted in a single day.
According to data from IntoTheBlock, the volume of large transactions involving SHIB, which are defined as those exceeding $100,000 in value, soared 102.03% in the past 24 hours. Large transaction volumes are often indicative of whale activity.
These transactions amounted to 1.02 trillion SHIB, worth about $9.97 million. Large transaction volumes provide an idea of the total amount transacted by whales and institutional players on a given day.
Large transaction volumes saw a significant increase from 513.97 billion SHIB on Feb. 17 to 1.02 trillion SHIB on Feb. 18. Spikes in large transaction volumes point to high activity among whales, either buying or selling.
Shiba Inu price weighs next move
Transaction Volume, which measures the aggregate volume of transactions recorded on-chain, stood at 1.93 SHIB trillion on Feb. 18. Transaction volume can indicate both trading and nonspeculative activity and can be helpful for spotting reversals and breakouts.
Shiba Inu saw steady transaction volume growth on Feb. 17 and 18 as bulls weighed the next course of SHIB price action.
At the time of writing, SHIB was up 0.97% in the last 24 hours to $0.0000097. The bulls’ efforts to breach the $0.00001 level and thus erase a zero from the SHIB price stalled over the weekend after it faced rejection from this key level.
SHIB rose to highs of $0.00001005 on both Feb. 15 and 16, confirming resistance at this key level. In the short term, bulls will seek a sustained break above the $0.000010 level to proceed to the $0.000011 and $0.000012 levels.
On the downside, significant support lies at $0.00000867, which coincides with the daily MA 50.
