- Dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant increase in whale activity, with a 382.88% surge in large transaction volume.
- In the last 24 hours, Shiba Inu’s large transaction volume has risen from 507.81 billion SHIB to 2.54 trillion SHIB, according to data from on-chain analytics platform IntoTheBlock.
- This increase coincides with a concerted effort by bullish traders to maintain a crucial 45 trillion SHIB range, indicating the intense struggle between bullish and bearish forces for the Shiba Inu price.
Shiba Inu (SHIB) sees a surge in whale activity, with a 382.88% increase in large transaction volume, as traders battle to maintain a critical price range.
Significant Increase in Shiba Inu’s Large Transaction Volume
Shiba Inu’s large transaction volume, which includes transactions valued at $100,000 or more, has seen a significant increase of 382.88%, totaling $60.56 million. This surge is a result of bullish traders’ efforts to uphold a crucial 45 trillion SHIB range, indicating the intense struggle between bullish and bearish forces for the Shiba Inu price.
The Battle Between Bulls and Bears
As the battle between bulls and bears intensifies, the significance of Shiba Inu’s current trading price range cannot be overstated. If the bulls successfully defend this range, it could trigger renewed bullish momentum, potentially propelling Shiba Inu to new highs. Conversely, a breach of this support at this range could invite further selling pressure, testing the resolve of bullish traders and signaling a shift in market sentiment.
Future Outlook for Shiba Inu
Against the backdrop of a bullish defense of the critical 45 trillion SHIB range, the stage is set for a high-stakes showdown between bulls and bears. If the bulls prevail, SHIB might confront its next resistance in the $0.000025 to $0.000030 region; if the bears succeed in pulling the SHIB price lower, support is envisaged in the $0.000019 and $0.000023 range.
Conclusion
The recent surge in Shiba Inu’s large transaction volume and the ongoing battle between bullish and bearish forces highlight the volatile nature of the cryptocurrency market. The outcome of this battle could significantly impact Shiba Inu’s future price trajectory, making it a cryptocurrency to watch in the coming days.
