Shiba Inu Whale Activity Soars: Is a Major SHIB Price Surge on the Horizon?

Shiba Inu Experiences Surge in Large Transaction Volume, Sparking Speculation of Potential Price Shift

According to on-chain data, the dog-themed cryptocurrency Shiba Inu (SHIB) has witnessed a remarkable 522% surge in large transaction volume, a metric indicative of increased whale activity. This development has raised speculation about a possible major price shift for the cryptocurrency.

Data from IntoTheBlock reveals that the volume of large transactions involving SHIB, typically defined as those exceeding $100,000, has risen significantly in the last 24 hours. Shiba Inu's large transaction volume reached 1.95 trillion SHIB, or $25.83 million, over the past day, marking a 522% increase.

Spikes in large transaction volumes often signify increased activity among whales or institutional players, either buying or selling. Whales tend to accumulate during periods of consolidation or decline, and this surge in large transaction volume hints at behind-the-scenes accumulation by "smart money," which could serve as fuel for the next breakout if positive momentum returns.

At the time of reporting, SHIB was up 3.35% in the last 24 hours, trading at $0.00001317, following a three-day rebound from its May 31 low of $0.00001226. The cryptocurrency is attempting a recovery after a recent market sell-off, with traders closely monitoring for signals of a potential cooling-off period as technical indicators suggest the rise may be losing momentum.

In the coming days, a convincing break above the daily SMA 50, currently at $0.00001384, which previously capped SHIB prices from late December to April, could be a key milestone for the cryptocurrency's next major move. A break over the daily SMA 200 at $0.00001769 could signal the start of the next leg of SHIB's uptrend, while support is expected at $0.00001 if selling pressure increases.

The recent surge in large transaction volume has sparked speculation among investors and analysts, who are closely watching for any signs of a potential price shift in the Shiba Inu cryptocurrency.