Shiba Inu (SHIB) Surges 290% in Whale Activity

Recent data from IntoTheBlock reveals a staggering 290% surge in large transactions involving the meme-fueled cryptocurrency Shiba Inu (SHIBUSD) within the past 24 hours. From 1.23 trillion SHIB to 3.57 trillion SHIB, the volume of these significant transactions has soared.

In terms of dollars, this surge reflects a jump from $29.93 million to $91.04 million in transaction volume, comprising a total of 268 whale transactions within the day. It's crucial to note that only transactions exceeding $100,000 are considered in this analysis. (Source: IntoTheBlock)

Meanwhile, SHIB's price movements have been equally captivating. Over the past day, SHIB experienced a 4.89% increase, peaking at $0.00002623. However, today, the token's value is witnessing a slight dip of over 3%, attributed to concerns surrounding Mt. Gox meeting its Bitcoin obligations. (Source: SHIB to USD by CoinMarketCap)

The current SHIB price trend is intriguing, marked by progressively diminishing daily candles in both size and range. While this pattern resembles bullish accumulation, caution is advised as approaching a key resistance level could ensnare buyers.

Regardless of the outcome, chart analysis suggests SHIB is poised for a significant move, with whales evidently stocking up billions of tokens in anticipation of the next market shift.

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