Shiba Inu Transaction Volume Soars, Price Targets Breakout!

  • Shiba Inu experiences a significant 99% surge in whale transaction volume, reaching 973.25 billion SHIB equivalent to $8.77 million.
  • Despite a previous decline in whale transaction volume, Shiba Inu’s large transactions almost double in the last 24 hours.
  • Shiba Inu’s current price stands at $0.000009, with a potential breakout if it closes above the daily MA 50 at $0.00000987.

Shiba Inu (SHIB) has witnessed a remarkable 99% surge in whale transaction volume in the last 24 hours. It reached an impressive 973.25 billion SHIB, translating to a monetary value of $8.77 million. 

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The cryptocurrency had previously faced a notable decline in large transaction volume after hitting 20.2 billion SHIB on January 24. Since then, Shiba Inu had maintained a relatively low whale transaction volume, with occasional spikes. However, the recent surge, almost doubling the transaction volume within 24 hours from 490.5 billion SHIB on February 1 to 973.25 billion SHIB on February 2, signals a renewed interest and potentially impactful developments within the SHIB ecosystem.

Meanwhile, Shiba Inu‘s price action has been a subject of fluctuation. After a temporary jump to $0.00000967 on January 30, the cryptocurrency experienced a subsequent dip to a low of $0.00000878. 

Bulls, however, managed to initiate a rebound from these lows, and as of now, Shiba Inu is trading at $0.000009, reflecting a 0.38% increase in the past 24 hours. Analysts suggest that if this momentum persists, a significant breakthrough could be indicated by a sustained close above the daily Moving Average (MA) 50 at $0.00000987.

As market dynamics unfold, CoinCodex’s Shiba Inu price prediction suggests a potential 6.24% drop, with the price projected to reach $0.00008546 by February 8, 2024. Current technical indicators signal a bearish sentiment, while the Fear & Greed Index stands at 60, indicating a state of greed in the market.

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