According to data from IntoTheblock, it appears that large holders of the Shiba Inu, or whales, are synchronizing the price of SHIB with an increase in the large transaction rate, which is up 275%.
75 large transactions, referring to those with a value of more than $100,000 each, have been logged to the Shiba Inu network in the past 24 hours.
Large transactions are often a signal of the activity of whales or big players, who are buying or selling. It is worth noting that the massive surge in large positions led to an impressive shiba inu price rally earlier in August, which was noticed by online analytics firm Santiment shortly following the 35% price hike.
The sell-off in the market earlier in August coincided with an explosion of large transactions on the network. The Chiba Inu coin ecosystem is gaining momentum as the governance token, BONE, has posted an impressive 150% rise, and trading volumes as a result have increased by nearly 447%.
BlueBit.io, the largest platform in Saint Vincent and the Grenadines, has also announced the inclusion of BONE.
According to WhaleStats data, BONE has been ranked as the most traded of the top 100 whales as a result.
SHIB . Coin Price Movement
SHIB, the 14th cryptocurrency, has a market capitalization of $6.86 billion and is currently trading at around $0.0000125, according to CoinMarketCap data.
As a result, approximately 242 million SHIBs have been burned in the past 24 hours, with the burning rate rising.
On August 28, the price of the shiba inu broke out, and closed below the immediate support level at $0.000012, but the bears were unable to capitalize on their position. This indicates that the bulls are accumulating low (buying low).
The price of the shiba inu may attempt to move to the upper barrier at $0.000014 if the buyers maintain the price above the SMA 50 ($0.000012). SHIB might spend some time in the range between 0.000012 and 0.000014 dollars if the price drops from this level.
SHIB price might rise to $0.00018 if the bulls push the price and maintain it above $0.00014. However, SHIB must hold above the August 28th low to maintain the positive outlook.
Source: U.TODAY