The volume of large transactions on the Shiba Inu network has increased by a whopping 479 percent in the last 24 hours, data from IntoTheBlock shows. In just a matter of weeks, the number of transactions valued at more than $100,000 skyrocketed to 81 in the previous 24 hours.
Large transaction spikes are usually linked to increased activity from whales or large holders, who are either buying or selling. This could be related to the fact that these investors have traded a lot of SHIB in the last 24 hours.
Shiba Inu Large Transactions Rose 880% as SHIB Saw Buying Pressure: Details
At the time of writing, Shiba Inu had a market cap of $0.0000093, down 3.60 percent from the day before. Yet, in the past week, it has risen by 3.17 percent.
The Shibburn Twitter account reports that in the last 24 hours, a total of 44,328,245 $SHIB tokens have been burned across 11 separate transactions. In contrast, the SHIB burn rate decreased by 36.80% during the specified time period.
Shiba Inu (SHIB) price action
After hitting a low of $0.0000081 on November 22nd, SHIB’s daily chart showed a long green candlestick as the price steadily increased. Just before this massive increase, SHIB had been consolidating in a range.
On December 5th, SHIB reached a high of $0.00001016 before retracing. This was an attempt to push through resistance at the daily MA 50.
SHIB eventually turned around and is now trading in the range of $0.0000009 to $0.0001016.
A break above $0.000010 would remove the unnecessary zero from SHIB’s price.
SHIB could form a base at the current price of $0.00009, but a further decline could send prices tumbling to $0.000081.
Source: U.today
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