According to IntoTheBlock data, large transactions on the SHIB network are up 479% in the last 24 hours. The number of large transactions (transactions worth over $100,000) spiked in just a few weeks, reaching 81 in the last 24 hours.
Large transaction spikes are often associated with increased activity by whales or large trading owners. The increase in question may be related to the large SHIB move made by these category holders in the last 24 hours.
The meme coin is trading at $0.0000093, down 3.60% in the last 24 hours, according to CoinMarketCap data. However, it has increased 3.17% in the last seven days.
Meme coin price action
On its daily chart, SHIB has formed a long green candle as it continues to climb upwards from the low of $0.0000081 achieved on Nov. 22. Prior to this significant rise, SHIB was in a range consolidation period.
The meme coin struggled to break through the crucial resistance located at the daily MA 50 and reached highs of $0.000001016 on December 5 before a pullback occurred. SHIB later reversed course and is currently trading in the $0.000009 to $0.000001016 range.
A strong break above the $0.000010 level will help SHIB eliminate the extra zero in its price. On the other hand, if prices fall from current levels, SHIB could slide back to $0.00009, which acts as a support, but if selling pressure builds, the bears may risk falling to $0.000081.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.