Shiba Inu, a cryptocurrency with a dog theme, has seen a significant rise in whale activity, with transaction volumes by large investors increasing by over 300% in the past day. Despite this surge, the price of SHIB has remained relatively unchanged, struggling to break past the $0.000009 level.
The unexpected rise in whale transactions could indicate strategic buying during market lows, but it has not translated into noticeable price momentum for Shiba Inu. The total volume of these large transactions reached $13.36 million, or 1.48 trillion SHIB, suggesting substantial movement among big players.
After a period of decreased activity, whale transactions for Shiba Inu spiked, hitting a seven-day low before rising sharply. The overall transaction volume for SHIB also saw a significant increase in the last 24 hours.
Currently, SHIB’s price is at $0.000009, with a slight decline over the last day. The memecoin’s price has been below $0.00001 for some time, and while there was a brief uptick, it failed to maintain momentum. The next target for SHIB, should whale activity increase, is set at $0.00000984.
If the price continues to fall, SHIB may find strong support at $0.0000085, a level that has previously prevented significant drops three times in January.