Crypto News: Shiba Inu (SHIB) has experienced a noteworthy 3.3% uptick, reaching US$0.00000930. This meme-inspired cryptocurrency maintains stability within a 24-hour trading range, fluctuating between $0.00000894 and $0.00000930.
Shiba Inu, the dog-themed cryptocurrency, is witnessing a noteworthy surge in whale activity, marked by a staggering 300% increase in transaction volumes by major investors in the past 24 hours. Despite this uptick in large-scale transactions, the crypto price of SHIB has struggled to break the $0.000009 barrier, remaining relatively stable.
The sudden spike in whale transactions may suggest strategic buying during market lows, yet it hasn't translated into substantial price momentum for Shiba Inu. Notably, these large transactions amounted to US$13.36 million, equivalent to 1.48 trillion SHIB, indicating significant movement among influential players.
After a period of reduced activity, whale transactions for Shiba Inu hit a seven-day low before experiencing a sharp rise. The overall transaction volume for SHIB also witnessed a remarkable increase in the last 24 hours.
As of now, SHIB is priced at US$0.00000930, showing a slight decline over the past day. With increased whale activity, the next price target for SHIB is set at US$0.00000984. In the face of potential price declines, SHIB might find robust support at US$0.0000085, a level that has previously thwarted significant drops three times in January.
Shiba Inu's price is encountering resistance around the 0.00000950 mark, facing formidable selling pressure. Struggling to surpass this hurdle signals a challenging environment. On the support front, it strives to stay above 0.00000899; breaching this level may trigger further declines.
To embark on a bullish trajectory, SHIB depends on a broader cryptocurrency market upswing. Potential catalysts include increased SHIB adoption across diverse DeFi platforms and its utilization in lending or borrowing scenarios.
In essence, SHIB's performance hinges on navigating resistance hurdles and benefiting from favorable market dynamics. The interplay between support and resistance levels underscores the delicate balance, with its trajectory contingent on broader market trends and its evolving role within the DeFi landscape.
On January 30, attempts by bulls to push Shiba Inu (SHIB) above the US$0.0000093 level fell short, contributing to the recent lackluster price action. Surprisingly, a surge in whale activity followed, with IntoTheBlock data revealing a daily large transaction volume of US$13.36 million, equivalent to 1.48 trillion SHIB. The market also saw a boost in network transaction volume, reaching 2.31 trillion SHIB in the last 24 hours.
As of the latest update, SHIB is down 0.53% in the past 24 hours, trading at US$0.00000904. Despite reaching US$0.00000925 on January 29, sustaining the upward momentum has proven challenging for bulls. Potential targets include the US$0.00000984 resistance level if a rally is reignited, while strong support near US$0.000009 has thwarted steeper declines three times in January. This surge in whale activity suggests strategic maneuvers during market uncertainty, highlighting the ongoing vigilance of investors amid the global crypto market cap's marginal 0.14% decrease to US$1.63 trillion over the last day.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.