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Dog-themed cryptocurrency Shiba Inu (SHIB) has skyrocketed 99% in an indicator that tracks whale activity.
Per IntoTheBlock data, SHIB is reporting a 99% increase in large transaction volume, an indicator that gives an idea of the total amount traded by whales on a given day.
A surge in large transaction volumes usually indicates high activity among whales, whether buying or selling. The large transaction volume reported in the last 24 hours was 973.25 billion SHIB, which is equivalent to $8.77 million in monetary terms.
Shiba Inu had seen a steep plunge in large transaction volume after reaching 20.2 billion SHIB on Jan. 24.
Failing to recover, Shiba Inu has sustained an unusually low whale transaction volume since this date, save for occasional spikes. One such was recorded in the last 24 hours, when the large transaction volume almost doubled.
Shiba Inu's large transaction volume grew from 490.5 billion SHIB on Feb. 1 to 973.25 billion SHIB on Feb. 2.
Shiba Inu temporarily jumped to a high of $0.00000967 on Jan. 30; however, bulls could not sustain the advance, and SHIB fell to a low of $0.00000878 days later.
In another attempt, bulls have picked up a rebound at the lows of $0.00000878, which is progressing steadily even until press time.
Shiba Inu is currently trading at $0.000009, up 0.38% in the past 24 hours. If SHIB closes higher today, it will have gained for the third day in a row. If bulls maintain their current momentum, the first sign of a breakout would be a sustained close above the daily MA 50 at $0.00000987.
Meanwhile, Shiba Inu Layer 2 Shibarium continues to grow in its measures, presently hitting 330 million in total transactions.
According to the Shibariumscan explorer, Shibarium is seeing a mild uptick in daily transactions at 2.59 million, while total transactions are now at 330,618,267.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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