Shiba Inu (SHIB) Skyrockets 290% in Key Whale Metric

As data from IntoTheBlock shows, the volume of large transactions involving the popular meme cryptocurrency Shiba Inu (SHIB) has increased 290% in the past 24 hours, from 1.23 trillion SHIB to 3.57 trillion SHIB.

In dollar terms, this increase was mirrored in a transaction volume spike from $29.93 million to $91.04 million. In total, there were 268 such whale deals over the past 24 hours. It is important that only those transactions whose size amounted to at least $100,000 are taken into account.

The price action of the popular meme cryptocurrency over the past day was no less attention-grabbing. In the last 24 hours, the price of SHIB rose by 4.89%, finding a peak at $0.00002623. Today, however, the price of the Shiba Inu token is falling by more than 3% on concerns related to Mt. Gox fulfilling its Bitcoin obligations.

The Shiba Inu price is now in an interesting position, where each successive daily candle is getting smaller in size, and in its bottoms and tops. This looks very much like  bullish accumulation, but one must remain vigilant as such approaches to a key resistance level can prove to be a trap for buyers.

No matter what the outcome is, judging by the chart, the SHIB price is getting ready for its next big move, and the whales are clearly preparing for it too, by accumulating billions of tokens in advance.

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Gamza Khanzadaev