In a surprising turn of events, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a 228% surge in large transaction volume, a metric indicative of whale activity.
According to IntoTheBlock data, Shiba Inu's large transaction volume surged 228.41% in the last 24 hours to reach $17 million or 1.27 trillion SHIB in crypto terms.
Large transactions refer to those greater than $100,000, and a surge in volume of these transactions might suggest whale activity, either buying or selling.
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Following a steady drop in large transaction volume since April 28, Shiba Inu surged at May's start, rising from 383.55 billion SHIB to 1.27 trillion SHIB on May 2.
At the time of writing, SHIB was down 1.34% in the last 24 hours to $0.00001323 as the majority of the crypto market saw profit-taking.
Is something coming?
The recent surge in whale activity is drawing attention as SHIB stands on the verge of a gigantic barrier where 539.28 trillion SHIB were previously bought.
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According to IntoTheBlock data, next to where SHIB trades is a massive resistance zone that lies in the range of $0.000014 to $0.000019. This is where a staggering 539.28 trillion SHIB tokens are held by 150,680 addresses at an average price of $0.000016.
If the SHIB price manages to break above this level, it could spark a bullish rally following a flood of buying orders, hence pushing the price higher. On the other hand, a lack of buying pressure at this range might trigger a pullback or consolidation.
Shiba Inu's attempt to wade through this zone culminated at a high of $0.00001525 on April 26, after which it declined to trade in a range.
As Shiba Inu's price consolidates, the market will be looking out for clues on SHIB's next breakout while paying attention to investor sentiment.
