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Dog-Themed Cryptocurrency Shiba Inu (SHIB) is experiencing a slight increase in large transaction volume, up 5.32% in the last 24 hours. While this rise suggests some activity among large holders or whales, it is still a very modest increase compared to what the cryptocurrency has seen recently.
At the time of writing, SHIB price has only increased by 1.89% over the past 24 hours, trading at $0.0000247. This slight increase reflects a broader trend of limited market momentum, with SHIB’s pricing and trading activity failing to make major gains.
According to IntoTheBlock datalarge trading volumes amounted to $268.71 million, or 11.04 trillion SHIB, an increase of 5.32% in 24 hours.
Large trading volumes generally indicate whale activity – transactions of $100,000 or more. A 5.32% rise may indicate a cautious re-engagement by large holders, but it is far from the explosive surge that Shiba Inu enthusiasts might hope for.
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Shiba Inu fell earlier in the week as Bitcoin moved further away from the psychological $100,000 mark, with investors booking profits on recent market gains.
The crypto market is rebounding, with several crypto assets, including SHIB, trading in the green.
SHIB Price Action
Shiba Inu fell from a high of $0.00002813 on November 24 to decline for three consecutive days, but a positive sign is that the bulls bought the dip.
Shiba Inu recovered from yesterday’s low of $0.00002334, trading at $0.0000247.
If the rebound continues, buyers could once again attempt to propel SHIB price to a high of $0.00002813. If they succeed, it could mark the start of a new movement. SHIB could rally to $0.00003044 and possibly $0.000032. Sellers will likely defend this area vigorously. However, if their efforts fail, SHIB could reach $0.000045.
The 50-day SMA around $0.00002087 is the important support to watch on the downside. A breakout and close below the 50-day SMA could lead to a further decline in the daily 200 SMA to $0.0000184 or even $0.000015.