At the onset of 2024, Shiba Inu (SHIB) encounters a pivotal struggle, aiming to reclaim the psychological level at $0.00001. The recent market dynamics have seen SHIB face a sharp decline from its previously held ground, sparking a battle between bullish and bearish forces.
Triggered by rumours of a spot Bitcoin ETF rejection on Jan. 3, SHIB experienced a notable downward shift, plummeting to lows of $0.000009. This sudden drop added an extra zero to SHIB’s price tag, spurring a series of fluctuations in its price action.
Presently, SHIB grapples to reclaim the much-coveted $0.00001 level, a critical threshold previously held at the close of 2023. Despite the valiant efforts by bulls to regain control, the market’s bears have maintained a dominant stance, keeping SHIB below the daily Moving Average 50 (MA 50) at $0.00000943.
In tandem with this tug-of-war price, SHIB has witnessed a surge in transaction volume, notably hitting trillions, according to IntoTheBlock data.
Data from IntoTheBlock reveals a transaction volume of 7.33 trillion SHIB within the last 24 hours. Among this volume, 5.75 trillion SHIB was attributed to larger transactions, typically reflective of whale or institutional activity.
Transaction volume in cryptocurrencies can provide insights into market dynamics, indicating trading and non-speculative activity.
High transaction volumes during price declines might suggest panic selling by holders or, conversely, large investors strategically buying amid uncertainty. This substantial volume may indicate a potential trend reversal in SHIB’s price trajectory.
Shiba Inu Whale Interest Soars with Over 1,000% Surge in Netflows
In the past days, Shiba Inu has witnessed a remarkable surge in interest from large holders, signified by an extraordinary surge of over 1,000% in Shiba Inu whale netflows, as reported by ZyCrypto. This surge, observed between December 31 and January 1, is indicative of increased attention from significant holders within the Shiba Inu ecosystem.
This heightened interest translated into notable changes in the cryptocurrency’s market dynamics. On January 1, the price of Shiba Inu experienced an upward trend, climbing from $0.0000107 to $0.00001092, eventually settling at $0.00001077.
Accompanying this price surge was a staggering 63% spike in Shiba Inu’s trading volume, surpassing $140.6 million on the same day, reflecting heightened market activity.
Despite these positive movements, the price of Shiba Inu has displayed some fluctuations, indicating a degree of volatility in its trading behaviour. However, the overall trajectory hints at potential upward movement, showcasing a possibility of trading higher above support levels
For those closely monitoring the Shiba Inu price, key levels include $0.00001127 and $0.00001194, representing potential thresholds for bullish trends. Conversely, the daily Moving Average 50 (MA 50) at $0.00000954 has proven to be a robust support level, potentially acting as a cushion against further declines.
