Shiba Inu (SHIB) Witnesses 99% Surge in Whale Activity, Reflecting Market Dynamics
Shiba Inu (SHIB), the canine-themed cryptocurrency, has experienced a remarkable 99% increase in a whale activity indicator, shedding light on significant transactions within the market. This indicator provides insights into the total volume traded by large entities known as whales within a specific timeframe.
Whale Activity Surge:
The reported 99% surge in Shiba Inu’s whale activity signifies a substantial rise in trading volumes among these influential market players, whether in terms of buying or selling. Over the past 24 hours, the reported volume of significant transactions reached 973.25 billion SHIB, equivalent to approximately $8.77 million in cash.
Market Fluctuations:
Shiba Inu encountered a sharp decline in whale transaction volume after reaching 20.2 billion SHIB on January 24th. Despite attempts at recovery, Shiba Inu has maintained an unusually low whale transaction volume since that date, with occasional upward spikes. One such instance occurred in the last 24 hours, nearly doubling the volume of significant transactions.
Transaction Volume Increase:
Shiba Inu’s whale transaction volume increased from 490.5 billion SHIB on February 1st to 973.25 billion SHIB on February 2nd.
SHIB Price Movement:
The SHIB token experienced a dip to its lowest point at $0.00000878 after a few days. Shiba Inu briefly surged to its highest point at $0.00000967 on January 30th. Traders attempting to capitalize on the rise saw a rebound at the lowest level of $0.00000878, maintaining stability at the time of writing.
Current Trading Situation:
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Shiba Inu is currently trading at $0.000009, marking a 0.38% increase over the last 24 hours. If SHIB closes higher today, it will mark the third consecutive day of gains. Sustaining current momentum, traders aim for a breakthrough with a sustainable close above the 50-day moving average at $0.00000987.
Shiba Inu Layer 2 Shibarium Growth:
Simultaneously, Shiba Inu’s Layer 2 Shibarium continues to expand, currently totaling 330 million in transaction volume. According to Shibariumscan, daily transactions on Shibarium have seen a slight increase to 2.59 million, bringing the total transactions to 330,618,267.
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