New day, new twist in the Shiba Inu (SHIB) ecosystem as, according to on-chain statistics for the last 24 hours, the popular meme-inspired cryptocurrency has seen increased whale activity. For instance, data from IntoTheBlock shows that 1.3 trillion SHIB were transferred in large transactions of no less than $100,000 in the past day. This figure is 115% higher than the day before.
In dollar terms, this increase was characterized by a $10.15 million increase in the volume of large transactions. There were 62 in total, which means that each large transaction averaged 163,709 – 63% higher than the norm.
Shiba Inu (SHIB) price outlook
What adds context to this sudden burst of whale on-chain activity is the price action of the Shiba Inu token. Over the past 24 hours, the price of the popular meme-inspired cryptocurrency has jumped over 5.62%, reaching $0.0000145 – its highest price in a month.
More importantly, the price of the second largest meme coin has broken through the dynamic resistance level set after the March pump. For the past six months, this level served as a strong barrier for the price of the meme coin and, finally, after gaining over 8.15% since the beginning of the year, the breakout happened.
From now on, all attention should be focused on how SHIB will behave around the $0.000016 level, as this could be the next major resistance level. If successfully breached, the next major target will be around $0.0000183 per SHIB – a level that has often served as unbreakable for the popular meme coin.