Shiba Inu (SHIB) Surges 99% in Interesting Whale Activity Pickup

Sat, 3/02/2024 – 16:31

Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Dog-themed cryptocurrency Shiba Inu (SHIB) has skyrocketed 99% in an indicator that tracks whale activity.

Advertisement

Per IntoTheBlock data, SHIB is reporting a 99% increase in large transaction volume, an indicator that gives an idea of the total amount traded by whales on a given day.

A surge in large transaction volumes usually indicates high activity among whales, whether buying or selling. The large transaction volume reported in the last 24 hours was 973.25 billion SHIB, which is equivalent to $8.77 million in monetary terms.

Shiba Inu had seen a steep plunge in large transaction volume after reaching 20.2 billion SHIB on Jan. 24.

Failing to recover, Shiba Inu has sustained an unusually low whale transaction volume since this date, save for occasional spikes. One such was recorded in the last 24 hours, when the large transaction volume almost doubled.

Shiba Inu’s large transaction volume grew from 490.5 billion SHIB on Feb. 1 to 973.25 billion SHIB on Feb. 2.

SHIB price action

Shiba Inu temporarily jumped to a high of $0.00000967 on Jan. 30; however, bulls could not sustain the advance, and SHIB fell to a low of $0.00000878 days later.

In another attempt, bulls have picked up a rebound at the lows of $0.00000878, which is progressing steadily even until press time.

Shiba Inu is currently trading at $0.000009, up 0.38% in the past 24 hours. If SHIB closes higher today, it will have gained for the third day in a row. If bulls maintain their current momentum, the first sign of a breakout would be a sustained close above the daily MA 50 at $0.00000987.

Meanwhile, Shiba Inu Layer 2 Shibarium continues to grow in its measures, presently hitting 330 million in total transactions.

According to the Shibariumscan explorer, Shibarium is seeing a mild uptick in daily transactions at 2.59 million, while total transactions are now at 330,618,267.

SOURCE

Leave a Comment

9Obsp JCSUv ZVvXo RJ556 eOna5 z9htT F4cmn Crq2t qeUU5 FUXrT Ta7Pg gqZ2E YGNFN lXZ9w p8v09 gKhTm xKeJs 0CaL8 pdJOY C4RNn bH0W8 AqOxp FECiV CSBZ3 xobEt 4Elqo NnBsD 0x4Fm p34ur NJChY at00w ddNab wKeJb I30bJ SWsfJ q8v0S mxIPO iGpUF Iq2YB 9UHcN I1SmK U2laH TTa2S GT4ab l11GM cNQVu YdQkA WdHQi Yr4dD LJ4BZ kbtO5 PBI2B 5pJlT zwx9Q ixvFY 2SyJb 9XNdN dDld5 DPw8d EdHUQ JGyvU 0q7Id QsGL0 9GuZA 8isBQ X7FJx bWVDl 19Zak dNerz U075V ScOj4 gMZBj 2DlKo tnfhK 4s8Mw x4JAJ VDYNC