Shiba Inu, the popular cryptocurrency, experienced a significant surge in daily transaction volume, reaching a staggering 5.354 trillion SHIB. This marks an impressive 169% increase compared to the previous day’s figure.
While the broader crypto market has been characterized by a range-bound movement, Shiba Inu bulls have struggled to break critical resistance levels. As a result, SHIB has been unable to turn the $0.000025 level from resistance to support, often slipping below it after a rebound.
Despite the market turbulence, interest in Shiba Inu has been steadily growing, as evidenced by occasional spikes in transaction volume. According to data from on-chain analytics resource CryptoQuant, yesterday saw a notable spike in transaction volume. Market participants transacted with over 5.354 trillion Shiba Inu, equivalent to a value of more than $132 million. This represents a substantial increase of 169% compared to the 1.985 trillion SHIB moved on Sunday. The recent spike indicates a revitalization of market activity following a decline on Sunday.
In contrast, data from IntoTheBlock (ITB) reveals that the number of transactions involving Shiba Inu was relatively low on May 27, amounting to 6,390. This difference in transaction volume and number of transactions suggests that SHIB experienced more whale transactions on that day.
It is worth noting that transactions worth between $1,000 and $10 million saw a significant increase, reaching 2,605 yesterday compared to 1,595 on May 26. Additionally, large transactions involving at least $100,000 worth of Shiba Inu amounted to a total volume of $91.04 million on May 27.
The rise in whale transactions confirms a growing trend of increased participation in Shiba Inu among large market participants. However, further on-chain data suggests that this trend may be shifting towards bearish territories, as most of these transactions involve exchange inflows.
According to CryptoQuant data, investors deposited 1.462 trillion Shiba Inu tokens to exchanges on May 27, the highest figure in nearly a week. This resulted in a positive exchange netflow of 607 billion SHIB tokens on that day.
Despite the projected increase in selling pressure, this metric had little impact on Shiba Inu’s price action. On May 27, SHIB saw an impressive 4.89% price increase, indicating a potential upward momentum to secure its position above $0.000025. Today, Shiba Inu has rallied by 2% and is currently trading at $0.00002603.
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