61% Shiba Inu Surge: Are Whales Back?

Shiba Inu Exhibits Signs of Resurgence as Large Transaction Volume Rebounds

The dog-themed cryptocurrency Shiba Inu (SHIB) is showing promising signs of recovery as its large transaction volume - a key indicator of whale activity - has bounced back into positive territory after recent declines.

Whale Activity on the Rise

Data from IntoTheBlock reveals SHIB's large transaction volume surged 61.45% in the past 24 hours, reaching $34.28 million (2.38 trillion SHIB). This rebound follows a 74% drop over the previous five days, when volume fell from 5.76 trillion SHIB on May 20 to just 1.47 trillion SHIB by May 25.

Large transaction volume serves as an important metric for tracking whale movements. When this indicator rises, it typically signals that major holders are either accumulating or redistributing tokens - activities that can significantly influence price action.

Current Market Position

Despite the increased whale activity, SHIB continues to trade between its key moving averages: the 50-day at $0.0000135 and 200-day at $0.0000181. Recent trading has seen the token consolidate within a tighter range of $0.0000139 to $0.00001475.

Market analysts suggest that a decisive break above or below these moving averages could determine SHIB's next price direction. The broader cryptocurrency market sentiment will also play a crucial role in shaping investor behavior.

Current Price Action

At press time, SHIB shows modest gains of 0.31% over the past 24 hours, trading at $0.0000144. The daily Relative Strength Index (RSI) remains neutral at the 50 midpoint, indicating potential for continued consolidation in the near term.