Shiba

Reserve

Shiba Inu

Trillion

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Dog-themed cryptocurrency <a href="https://u.today/40-trillion-shiba-inu-shib-in-spotlight-as-bulls-and-bears-clash" rel="noopener noreferrer nofollow">Shiba Inu (SHIB)</a> has seen a whopping 170% in large transaction volume, an indicator that denotes whale activity.
IntoTheBlock classifies as large transactions those where an amount greater than $100,000 was transferred. In this case, the Large Transactions Volume indicator estimates the aggregate amount in crypto terms transferred in such transactions.
That said, spikes in large transaction volume point to high activity among institutional players either buying or selling.
According to IntoTheBlock <a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">data</a>, Shiba Inu's large transaction volume is up 170.84% in the last 24 hours, coming in at $467.2 million, or 21.62 trillion SHIB. <img alt="IntoTheBlock" data-entity-type="file" data-entity-uuid="7b5a14c2-9ae0-4285-a18e-546b50d6e864" src="https://u.today/sites/default/files/inline-images/12062024%200000.PNG"><a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=all&amp;chart=all" rel="noopener noreferrer nofollow">Global In/Out of the Money, Courtesy: IntoTheBlock</a>
The recent 170% spike in whale transactions involving SHIB suggests that large players might be actively participating in the defense of a 39 trillion SHIB price range. According to IntoTheBlock data, 39.68 trillion SHIB is being held in the range of $0.000021 and $0.000022 by 41,640 addresses.
As the market's whales, or large holders, intensify their activity, it might seem that there is a concerted effort to maintain the value of Shiba Inu at this pivotal level. The 39 trillion <a href="https://u.today/shiba-inu-nears-critical-40-trillion-shib-support-level-as-prices-fall" rel="noopener noreferrer nofollow">SHIB</a> mark has become a battleground where bulls are not just passively hoping for stability but are actively working to ensure it.
Successfully defending the support level could pave the way for a price rebound. If the 39 trillion SHIB level holds, it may attract more buyers, leading to upward price momentum.
<a href="https://u.today/correlation-between-bitcoin-and-treasury-yields-records-steep-decline" rel="noopener noreferrer nofollow">Bitcoin</a> dipped on Tuesday, falling to lows near $66,000 before slightly recovering. Shiba Inu also nursed losses, down 1.21% in the last 24 hours to $0.0000219.
Global markets are on edge ahead of a Federal Reserve interest-rate decision and key U.S. inflation figures. Crypto investors are particularly alert for potential volatility. In this light, eyes are on Shiba Inu's price to adjust its next move.

Shiba Inu Whale Activity Skyrockets by 170% to Uphold 39 Trillion SHIB

U_Today

Other articles published on Jun 12, 2024

BTC average change in retail demand falls to 5-month low, could a 75% rally be next?

Bitcoin Exchange Reserves Drop Steadily

MoonBag Becomes The Best Presale in 2024 Amid Slothana and BitBot's Woes - Investors Expect The P...

Can XRP Repeat Its 2017 Rally? Analyst Sees Eerie Similarities

Bitget Announces PoolX Listing of IO Net (IO) to Boost Decentralized ML Application Development

PEPE Price Rose 12% In A Day Amid Market Fall: What’s Happening?

Join our free newsletter for daily crypto updates!