Dog-themed cryptocurrency Shiba Inu (SHIB) has recorded 2.38 trillion SHIB in transaction volume over the last 24 hours, according to IntoTheBlock data. This figure might seem impressive, but it represents a drop from 4.54 trillion SHIB recorded on March 31.

SHIB’s price has dropped by nearly 3% in the last 24 hours, reflecting broader market weakness. Out of the 2.38 trillion SHIB reported in transaction volumes, 1.67 trillion SHIB accounted for large transactions, meaning those greater than $100,000.

SHIB/USD Daily Chart, Courtesy: TradingView

Large transaction volumes usually suggest whale activity, which might be either accumulation or selling. In the last 24 hours, large transaction volume has also taken a hit, down 53.32% to $21.25 million.

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At the time of writing, SHIB was down 2.82% in the last 24 hours to $0.00001236 and down 20% weekly.

In SHIB’s case, the market downturn appears to have weighed on price action, with SHIB struggling to maintain its footing despite the recent on-chain movement. Shiba Inu holders seem to be awaiting clarity on the market, with active addresses down 32.84% in the last 24 hours, per IntoTheBlock data.

SHIB price remains in red

After five days of dropping, SHIB rebounded on April 1 reaching highs of $0.00001314. However, SHIB's gains over the past day have reversed as the market broadly traded in losses at press time.

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The larger cryptocurrency market faced renewed selling pressure in the early Wednesday session, with Bitcoin and other major cryptocurrencies also experiencing declines. In the last 24 hours, crypto derivatives traders have suffered $270 million in crypto liquidations, with leverage longs accounting for $161 million.

Shiba Inu was not exempt from the bearish sentiment as it dipped to lows of $0.0000121 before returning to where it presently trades.

A return above the daily moving averages of 50 and 200 at $0.0000137 and $0.0000191 would signal a bullish comeback, while support remains at $0.00001082 if the current drop continues. 

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