Shiba Inu Whales Trading Volume Surges 640% As SHIB Holds Critical Support

Shiba Inu whales’ trading volume skyrocketed by 640% as seen in the coin’s 24-hour trading volume. An increased buying or selling activity among whales has peaked by 61%.

Large transactions that spiked to 57.41% were noted in active addresses of SHIB holders as seen in the past 24 hours. SHIB value surged by 3.06% which comes with Shiba Inu reverting to the key support level of 0.00001.

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SHIB Trading Volume Down 7.48%

As of press time, Shiba Inu is trading at $0.00001044 which has dropped by 7.48% as seen overnight and plunged by 12.84% in a weekly perspective. Bitcoin’s movement and other altcoins also negatively impacted the Federal Reserve regulatory issues concerning the crypto market.

So far, Shiba Inu is considered the largest token among all ETH whales. The Top 1,000 ETH whales are currently hodling over $641,196,371 of SHIB.

For two weeks, SHIB’s price has been bullish but it’s now in a muddle. The bullish streak started on July 12 which gave SHIB a push by 34% before the price nosedived.  

Currently, SHIB has slumped by 2% which is an extension of its bullish streak yesterday at 7%.

Will Shiba Inu Retrace And Go Bullish?

The surge in SHIB prices was triggered by news that it will launch a new metaverse collectible card game called SHIBA Collectible Card Game which is in collaboration with TREAT. More so, there are also reports that the meme coin is set to introduce SHI, a stablecoin.

Recently, Shiba Inu launched the SHIB Burn Visa Card which is described to be the first-of-its-kind card that burns SHIB while making transactions. The announcement was posted via a video teaser on Twitter with the caption, “Make Payments, Burn SHIB.”

SHIB total market cap at $5.8 billion on the daily chart | Source: TradingView.com

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More so, Printful, a U.S. printing company, has started accepting SHIB payments and also other cryptocurrencies via BitPay.

SHIB price was able to break through the resistance zone of $0.0000125. But, the prices have retraced almost immediately as it trades below the resistance level.

Subsequently, SHIB prices have continued to dwindle and gone bearish with today’s drop of 2%. The trend shows that the coin price will likely continue to decline. The daily chart also shows that SHIB prices will continue to drop in the coming trading sessions.

SHIB price is predicted to continuously decline and hit the bottom price of $0.0000095. Still, if the price retraces and hovers above $0.0000116, then SHIB may perform better.

Featured image from CNTraveler, chart from TradingView.com