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In the last 24 hours, dog-themed cryptocurrency Shiba Inu (SHIB) has experienced contrasting fluctuations in commercial activity and whale movements.
According to data from In the blockLarge trading volumes for Shiba Inu – a measure often indicative of whale activity – are down 20.73% in the past 24 hours. This decrease translates to $121.29 million or 4.78 trillion SHIB tokens. Despite a decline in large trading volumes, the price of SHIB surged 13%, sparking renewed interest from the broader crypto market.
This drop in whale activity, however, coincides with a massive 92% increase in overall Shiba Inu trading volume, which soared to $3.19 billion in the last 24 hours, according to data from CoinMarketCap. This indicates a significant increase in retail activity, suggesting that small investors are stepping in as whales temporarily take a back seat.
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Shiba Inu price has responded positively to the increased market interest, increasing by 13% in the last 24 hours to currently trade at $0.00002759. This price action signals positive sentiment for SHIB despite the decline in whale-led trading.
The increase in trading volume and prices suggests that retail traders are looking to capitalize on SHIB’s short-term volatility and growth potential.
SHIB Price Action
Shiba Inu rose from a low of $0.000023 on November 21, indicating that bulls continue to buy dips. From this date, Shiba Inu would mark its third consecutive day of gains if today closes in green.
At the time of writing, SHIB was trading at $0.00002768, having reached an intraday high of $0.00002816 during Saturday’s trading session.
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To allow a retest of the $0.000029 level, buyers need to push the price above the immediate resistance level of $0.0000281. A breakout and close above $0.000029 will complete a bullish inverse head and shoulders pattern, triggering an uptrend to $0.000039 and ultimately the $0.000047 pattern target.
On the other hand, if SHIB price falls and goes below $0.000023, it could indicate that the bears have returned. Shiba Inu could fall to the daily 50 SMA level of $0.000020.