According to IntoTheBlock data, Shiba Inu has seen a 148% surge in large transaction volume in the last 24 hours.
Large transactions — defined as those greater than $100,000 — are often indicators of whale activity, which can signal significant buying or selling pressure.
Large transaction volume for Shiba Inu came to $300.98 million, or 11.61 trillion SHIB, in the last 24 hours.
HOT Stories Crypto Market Hit by $500 Million Liquidation Tsunami as XRP Plunges 10% 10 Reasons Why Stellar (XLM) Is Most Underrated Crypto by XRP and Ripple Co-Creator Elon Musk Reacts to Jim Cramer 'Causing' Bitcoin (BTC) Price Reversal XRP Secures Golden Cross Against Bitcoin, What's Next?
The recent spike in such transactions highlights interest from large holders. However, the broader impact on SHIB's price has been muted, as selling pressure seems to be dominating the market.
The broader cryptocurrency market is currently experiencing a pullback, with several assets declining following the market's recent surge. Bitcoin has fallen 1.80% in the last 24 hours, to $96,883. Many crypto assets were trading down, with some, such as XRP and Dogecoin, experiencing double-digit losses of up to 13%. SHIB was not immune to the bearish trend, falling from the 12th to 14th spot in the crypto market ranking as its market value dropped to $14.76 billion.
Related
Sat, 11/23/2024 - 16:00 4.78 Trillion SHIB in 24 Hours: What’s Going On?
Tomiwabold Olajide
At the time of writing, Shiba Inu is trading at $0.00002486, down 9.05% in the last 24 hours despite the increased whale movements. This divergence suggests that while whales are actively transacting, the broader market sentiment remains cautious.
Some whales might be taking profits after the recent surge in SHIB's price, leading to increased selling pressure.
SHIB price action
Shiba Inu turned up from lows of $0.000023 on Nov. 21. From this date, Shiba Inu experienced three straight days of increases, peaking at $0.00002816 on Nov. 23 before retreating.
SHIB/USD Daily Chart, Courtesy: TradingView
At the time of writing, SHIB was trading at $0.00002494, a substantial drop from the intraday high of $0.0000281 set earlier today.
Related
Sat, 11/16/2024 - 13:57 Shiba Inu to $0.00003: SHIB Takes On 18 Trillion Wall
Tomiwabold Olajide
To restart the upward movement, buyers must push the price above the immediate $0.0000281 resistance level. This move might trigger a rise to the crucial $0.000029 level. A break and close above $0.000029 might spark an uptrend to $0.000039 and to $0.000047.
On the other hand, if the SHIB price falls and breaks below $0.000023, this could imply that bears have returned. Shiba Inu may fall to the daily 50 SMA of $0.000020.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
