Shiba Inu (SHIB) Skyrockets: Whales Aim for Zero Amidst 551% Volume Surge

• Shiba Inu (SHIB) Witnesses a 551% Surge in Trading Volume Amidst Whale Activity
• 551% Jump in SHIB Whale Transactions
• Price Targets and Support Levels

Shiba Inu (SHIB) Witnesses a 551% Surge in Trading Volume Amidst Whale Activity

Shiba Inu$0.000010 -2.05% (SHIB), a popular meme coin, has experienced a significant increase in trading volume. Data from IntoTheBlock reveals a 551% surge in large transactions, with over 5.9 trillion SHIB on the move. These large-scale transactions, each involving amounts exceeding $100,000, suggest a spike in trading activity among SHIB whales. It remains unclear whether these whales are buying or selling the meme coin.

551% Jump in SHIB Whale Transactions

Over the past few months, the digital asset sector has experienced heightened volatility. While the industry anticipated a major uptrend following potential Spot Bitcoin$42,260 -0.64% ETF approvals, this has yet to materialize. Despite the increasing pressure on the sector, even prominent meme coins like Shiba Inu have been affected.

Nevertheless, recent large-scale transactions could be an encouraging sign. Shiba Inu (SHIB) has seen a 551% boost in high-volume transactions as whales target the removal of another zero from the asset price. According to CoinMarketCap, the asset is currently trading at $0.000009609, down less than 1% in the last 24 hours.

Price Targets and Support Levels

Despite recent minor setbacks, the coin has been targeting the $0.00001 level since the beginning of 2024. While it has come close to this mark, it hasn't achieved the stability it sought at the year's outset. However, the sustained activity of the whales could indicate promising price movements in the near future.

Although the asset's price has slipped slightly over the past day, it remains in positive territory for the week, with a more than 3% increase. However, for the increasing momentum to continue, the bulls need to breakthrough the daily MA 50 barrier, situated just below the $0.00001 mark. If this is not achieved, the asset is likely to find support at the $0.0000085 level.

Edited by Jonathan Stoker