U.Today - Dog-themed crypto currency is seeing a spike in its whale activity as bulls make frantic efforts to erase a zero from the SHIB price.
At the time of writing, SHIB was trading below the $0.00001 mark, up 4.25% in the last 24 hours to $0.0000093.
According to data, Shiba Inu is seeing a 1,288% spike in large transaction volume, which reflects the total amount in crypto terms moved in large transactions.
For context's sake, large transactions refer to those where more than $100,000 were transferred.
Large Transaction Volume indicates the total amount transacted by whales or large holders in a single day. Increases in large transaction volumes point to high activity among whales, either buying or selling.
Per IntoTheBlock , large transaction volumes reached 9.38 trillion SHIB in the last 24 hours, which was remarkably the highest in the last seven days.
Shiba Inu dipped to lows of $0.0000085 in yesterday's trading as the market fell at the start of Monday as investors eagerly awaited the SEC's decision on a Bitcoin spot ETF.
The tide suddenly changed, with the crypto market swiftly rebounding as Bitcoin rose to a 21-month high.
Shiba Inu likewise rebounded, reaching highs of $0.0000096 on Jan. 8, falling short of reaching $0.00001. The bulls' attempt to push SHIB toward the $0.00001 level stopped short in today's trading, with SHIB once again hitting a barrier at $0.000096.
On the upside, faces a hurdle at the daily MA 50 level at $0.0000967, which might continue to thwart bulls' attempts to erase a zero from Shiba Inu's price except if breached. Once this is achieved and SHIB attains the $0.00001 level, SHIB might target the $0.000011 level next.
On the other hand, if bears gain the upper hand, SHIB might retest lows around $0.0000085.