According to data from IntoTheBlock, Shiba Inu (SHIB) has reached a seven-day high in its large transaction volume, with a staggering 2.21 trillion SHIB tokens being transacted in the past 24 hours.
This marks the highest volume observed in the last seven days. The Large Transactions Volume metric, as defined by IntoTheBlock, provides insights into the overall amount of tokens being transacted by whales and institutional participants on a given day.
Spikes in large transaction volumes often indicate active buying or selling by institutional players or whales.
In the case of SHIB, large transactions are classified as transfers involving more than $100,000. The large transaction volume for SHIB has increased by 43.72% in the past 24 hours alone.
This surge in whale activity has had a notable impact on the price of SHIB, as it experiences its most significant price gains in the last seven days. Currently, SHIB is up 3.66% and is trading at $0.00000756.
Examining the daily chart, it is evident that SHIB has been able to rebound from its recent dip. After a bullish streak that propelled prices to highs of $0.0000084 on June 22, SHIB experienced a period of profit-taking, causing its price to decline.
However, the dip proved to be an opportunity for buyers as SHIB dropped to lows of $0.000007 on June 28. This attracted buyers who seized the opportunity to buy the dip, leading to a subsequent rebound in the SHIB price on June 29.
Since then, SHIB has managed to sustain its gains and is now eyeing its second consecutive day of positive price movement, provided it closes in the green today.