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In the last 24 hours, dog-themed cryptocurrency Shiba Inu (SHIB) has seen contrasting fluctuations in trading activity and whale movements.
According to data from IntoTheBlock, large transaction volumes for Shiba Inu — a metric often indicative of whale activity — have declined by 20.73% in the last 24 hours. This decrease translates to $121.29 million or 4.78 trillion SHIB tokens. Despite a decline in large transaction volumes, SHIB’s price has surged by 13%, capturing renewed interest from the broader crypto market.
This drop in whale activity, however, coincides with a massive 92% surge in Shiba Inu’s overall trading volume, which has climbed to $3.19 billion in the last 24 hours, according to CoinMarketCap data. This indicates a significant uptick in retail trading activity, suggesting that smaller investors are stepping in as whales take a temporary backseat.
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Shiba Inu’s price has responded positively to the increased market interest, rising by 13% in the past 24 hours to currently trade at $0.00002759. This price action signals positive sentiment for SHIB despite the decline in whale-driven transactions.
The rise in trading volume and price suggests that retail traders are looking to capitalize on SHIB’s short-term volatility and growth potential.
SHIB price action
Shiba Inu turned up from lows of $0.000023 on Nov. 21, indicating that bulls continue to buy dips. From this date, Shiba Inu would mark its third consecutive day of gains if today closes in green.
At the time of writing, SHIB was trading at $0.00002768, having achieved an intraday high of $0.00002816 in Saturday’s trading session.
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To allow for a retest of the $0.000029 level, buyers must push the price over the immediate $0.0000281 resistance level. A break and close above $0.000029 will complete a bullish inverted head-and-shoulders pattern, kickstarting an uptrend to $0.000039 and eventually to the pattern target of $0.000047.
In contrast, if the SHIB price falls and breaks below $0.000023, it might indicate that bears have returned. Shiba Inu may drop to the daily 50 SMA of $0.000020.