Shiba Inu Transaction Volume Spikes 169% to Over 5.3 Trillion SHIB in One Day – Can it Propel Price to $0.000145
- Shiba Inu’s daily transaction volume surged by 169% to 5.354 trillion SHIB from the 1.985 trillion SHIB recorded the day before.
- Despite the spike in daily transaction volume, Shiba Inu may be poised for a bearish trend.
Shiba Inu (SHIB) has seen its daily transaction volume skyrocket to 5.354 trillion SHIB. This significant leap marks a 169% increase from the previous day’s volume. Despite the crypto markets experiencing a range rebound, there seems to be a remarkable turn of events as there is a growing interest and activity in Shiba Inu.
According to On-chain data from CryptoQuant, a market analytics tool, this significant surge saw market participants transacting over 5.354 trillion SHIB. This significance is estimated to be valued at more than $132 million. This substantial rise comes after a decline in transaction volume from the 1.985 trillion SHIB recorded the day before.
Additionally, data from the IntoThe Block asserts that the number of transactions involving Shiba Inu amounted to 6,390 on May 27. This is a relatively low figure in contrast to the high transaction volume. The number of transactions suggests large whale transactions.
Specifically, transactions worth between $1,000 and $10 million surged to 2,605 on May 27, up down from 1,595 the previous day. Shiba Inu whales have played a huge role in the spike in transaction volume. Particularly, large transactions involving at least $100,000 worth of Shiba Inu totaled $91.04 million.
Shiba Inu (SHIB) Whales Dictate Price Pattern
The increase in whale activity pinpoints a substantial involvement with Shiba Inu among large investors. Notably, further on-chain data suggest that Shiba Inu may be headed toward the bearish end with many of these transactions flowing into exchanges. In particular exchange netfow hit a weekly all-time high when investors deposited 1.462 trillion SHIB tokens to exchanges.
Despite the rise in selling pressure, SHIB’s price states otherwise. Trading at $0.00002703 Shiba Inu’s price experienced a 4.89% increase on May 27. With data pointing towards a bearish end, Shiba Inu continues to portray promise supported by the resilient market sentiment.
The crypto market at large is experiencing an extended bearish period, with Shiba Inu bulls struggling to break above key resistance levels. Shiba Inu has had multiple occasions of failing to transform the $0.000025 mark from resistance to higher support. This pattern reflects a market in flux, with SHIB bulls needing more momentum to sustain higher price levels.
With the market uncertainties, Shiba Inu’s target of hitting the $0.000145 mark still remains speculative. The recent surge in transaction volume, with a big chunk of it driven by whale activity, indicates high interest but also potential volatility.
The current SHIB price level and the desire to hit higher price ranges call for a strong crypto market contribution. But with a largely bullish long-term outlook, many investors are taking advantage of the discount prices to buy more.
