In a promising development for the meme coin, Shiba Inu (SHIB) has seen a 551 trading volume increase as whales are seeking to take out a zero from its price. Specifically, IntoTheBlock data shows that large transactions have jumped with more than 5.9 trillion SHIB on the move.
These large-scale transactions are indicatives of transfers with a value of more than $100,000. Such a development shows an increase in the overall trading activity by SHIB whales. However, the data does not indicate whether or not these whales are buying or selling the meme coin.
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SHIB Whale Transactions Jump 551%
Over the last several months, the digital asset sector has seen increased volatility. Although many expected Spot Bitcoin ETF approvals to provide a massive uptrend for the market, it has not yet come to fruition. Amidst increasing pressure on the industry, one of the most prominent meme coins has not been exempt.
However, recent developments with large-scale transactions could be an optimistic sign. Specifically, Shiba Inu (SHIB) has seen a 551% increase in large transaction volume as its whales target another zero from the asset price. Currently, the asset is trading at $0.000009609 and down less than 1% over the last 24 hours, according to CoinMarketCap.
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Still, the price has been targeting the $0.00001 level since the start of 2024. Although it has approached the mark, it has not found the sustainability that it hoped when the year first started. Conversely, continued whale activity could be a promising sign of the price movement in the coming days.
Even though it is down over the last day, the asset is still in the green on the weekly chart. Specifically, it is up more than 3% over the last week, which is a promising sign. Still, the bulls need to defeat the daily MA 50 barrier that is situated just below the previously mentioned $0.00001 mark. If it is unable to do so, the asset will likely face support at the $0.0000085 level.