Dog-themed cryptocurrency Shiba Inu (SHIB) is seeing a modest increase in large transaction volume, rising by 5.32% over the past 24 hours. While this uptick suggests some activity among large holders or whales, it is still a very modest rise in comparison to what the cryptocurrency has seen recently.
At the time of writing, SHIB’s price is up by a mere 1.89% in the last 24 hours, trading at $0.0000247. This slight increase reflects a broader pattern of limited market momentum, with SHIB’s price and transaction activity failing to make major gains.
According to IntoTheBlock data, large transaction volumes came to $268.71 million, or 11.04 trillion SHIB, representing a 5.32% increase in 24 hours.
Large transaction volumes usually indicate whale activity — transactions of $100,000 or more. A 5.32% rise may indicate cautious reengagement by large holders, but it is far from the explosive surge that Shiba Inu enthusiasts might hope for.
Shiba Inu dipped earlier in the week as Bitcoin fell farther from the psychological $100,000 milestone, as investors booked profits on recent market gains.
The crypto market is rebounding, with several crypto assets, including SHIB, trading in the green.
SHIB price action
Shiba Inu turned down from a high of $0.00002813 on Nov. 24 to decline for three straight days, but a positive sign is that the bulls bought the dip.
Shiba Inu has recovered from yesterday’s low of $0.00002334, trading at $0.0000247.
If the rebound is sustained, buyers might once again attempt to propel SHIB’s price to highs of $0.00002813. If they manage to do that, it might signal the start of a new move. SHIB could rally to $0.00003044 and eventually to $0.000032. Sellers are likely to vigorously defend this area. However, if their efforts fail, SHIB may rise to $0.000045.
The 50-day SMA around $0.00002087 is the important support to watch for on the downside. A break and close below the 50-day SMA might further cause declines to the daily SMA 200 at $0.0000184 or even $0.000015.