Large transaction spikes are usually linked to increased activity from whales
According to IntoTheBlock data, large transactions on the Shiba Inu network are up a whopping 479% in the last 24 hours. The number of large transactions, or those above $100,000, suddenly rose to high levels in just a few weeks and numbered 81 in the last 24 hours.
Large transaction spikes are usually linked to increased activity from whales or large holders, who are either buying or selling. It might be related to the large movement of SHIB made by this category of holders in the last 24 hours.
According to CoinMarketCap data, Shiba Inu was trading at $0.0000093 at the time of publication, down 3.60% in the last 24 hours. However, it is up 3.17% in the last seven days.
According to the Shibburn Twitter handle, in the past 24 hours, there have been a total of 44,328,245 $SHIB tokens burned in 11 transactions. However, the SHIB burn rate was down 36.80% within the said time frame.
SHIB price action
On its daily chart, SHIB produced a long green candlestick as it kept climbing back up from the low of $0.0000081 it achieved on Nov. 22. Before this significant rise, SHIB had been consolidating in a range.
SHIB attacked the crucial barrier at the daily MA 50, yielding highs of $0.00001016 on Dec. 5 before a retreat occurred. SHIB later reversed course and is currently trading in the $0.000009 to $0.00001016 range.
Not only would a strong break above the $0.000010 level remove the extra zero from SHIB’s price, but it would also be necessary for any further upward movement.
If prices fall from current levels, SHIB may hold onto the $0.00009 level, where it is forming a base, but if the sell-off worsens, bears may risk a drop to $0.000081.