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According to IntoTheBlock dataShiba Inu saw a 148% increase in large trading volume in the last 24 hours.
Large trades – defined as those over $100,000 – are often indicators of whale activity, which can signal significant buying or selling pressure.
Significant volume of transactions for Shiba Inu amounted to $300.98 million, or 11.61 trillion SHIB, in the last 24 hours.
The recent rise in these transactions highlights the interest of large holders. However, the broader impact on SHIB price has been muted as selling pressure appears to dominate the market.
The broader cryptocurrency market is currently experiencing a decline, with several assets falling following the recent market rally. Bitcoin fell 1.80% in the last 24 hours to $96,883. Many crypto assets were down, with some, like XRP and Dogecoin, experiencing double-digit losses of up to 13%. SHIB was not immune to the downtrend, dropping from 12th to 14th place in the crypto market rankings as its market value fell to $14.76 billion.
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At the time of writing, the Shiba Inu is trading at $0.00002486, down 9.05% in the last 24 hours despite increased whale movements. This divergence suggests that even though whales are actively trading, overall market sentiment remains cautious.
Some whales may take profits after the recent SHIB price surge, leading to increased selling pressure.
SHIB Price Action
Shiba Inu rose from a low of $0.000023 on November 21. From this date, Shiba Inu experienced three consecutive days of gains, peaking at $0.00002816 on November 23 before retreating.
At the time of writing, SHIB was trading at $0.00002494, a substantial decline from the intraday high of $0.0000281 set earlier today.
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To restart the bullish move, buyers need to push the price above the immediate resistance level of $0.0000281. This move could trigger a rise to the crucial $0.000029 level. A breakout and close above $0.000029 could trigger an uptrend to $0.000039 and $0.000047.
On the other hand, if SHIB price falls and goes below $0.000023, it could imply that the bears have returned. Shiba Inu could fall to the 50 daily SMA of $0.000020.