- Shiba Inu saw a massive 197% spike in large transaction volume, reaching 7.49 trillion SHIB as whales increased activity.
- Shiba Inu retested the $0.000013 resistance level but faced a mild pullback, indicating the need for stronger demand to sustain upward momentum.
Shiba Inu (SHIB) has witnessed a massive spike in large transaction volume, signaling renewed whale activity in the market. The recent surge in transactions coincided with SHIB’s price rebound, briefly retesting the $0.000013 resistance level before facing a mild correction.
Whale Transactions Soar to 7.49 Trillion SHIB
According to data from IntoTheBlock, large transactions exceeding $100,000 skyrocketed to 7.49 trillion SHIB on March 20. This marks a staggering 197% increase from the previous day’s volume of 2.52 trillion SHIB. The total value of these transactions surpassed $97 million, making it the highest volume recorded in nearly two months.
Interestingly, this surge follows a weekend dip that saw large transaction volumes drop to a five-month low of 571 billion SHIB. The renewed whale activity suggests increasing interest among large holders, potentially setting the stage for future price action.
Is a Breakout on the Horizon?
Despite the substantial rise in transaction volume, SHIB’s price movement remained relatively muted. The token briefly touched $0.000013 before pulling back, closing March 20 with a negligible 0.08% gain. Analysts suggest that a stronger demand from whales might be needed for SHIB to break through this key resistance level.
Further insights from IntoTheBlock reveal that while large holder outflows reached 5.54 trillion SHIB, inflows were even higher at 6.26 trillion Shiba Inu. This net positive capital flow of 720 billion SHIB indicates accumulation among major investors, potentially hinting at a bullish outlook.
Major Exchanges Drive Transactions
An investigation into these transactions revealed that OKX accounted for a significant portion of the activity, moving over 1.8 trillion SHIB worth $23 million to a hot wallet. Additionally, other exchanges like Gate.io also facilitated large internal transactions, contributing to the spike in volume.
As of this morning, SHIB is trading at $0.00001289, down 0.39%. The token retested the $0.000013 level again but faced another mild correction. If whale accumulation continues, Shiba Inu may gather the momentum needed to break above this psychological resistance, setting the stage for its next major move.
