Shiba Inu Triggers Trillions of SHIB in Transaction Volume as Bulls Put in Critical Fight

1 Mins read

Shiba Inu bulls are on a critical mission at the start of 2024: to regain the psychological $0.00001 level. Shiba Inu had sustained above the key $0.000010 at the 2023 close, much to the delight of the bulls.

However, bears struck the market on Jan. 3 after rumors of Bitcoin spot ETF rejection spooked the market.

SHIB fell to lows of $0.000009 subsequently, thus adding an extra zero to its price tag. SHIB has since then seen a back and forth in its price action, with bulls putting up a valiant effort to return Shiba Inu to the much-coveted $0.0001 level and thereby erase a zero from SHIB’s price.

Much of the battle for the bears has been to sustain SHIB above the daily MA 50 at $0.0000963, slightly above where it presently trades.

At the time of writing, SHIB was down 2.15% in the last 24 hours to $0.00009567, per CoinMarketCap data, with bears remaining in the driver’s seat since Jan. 4.

Shiba Inu triggers trillions of SHIB in transaction volume

As bulls put in a critical fight to regain the key $0.00001 level, Shiba Inu is attracting trillions of SHIB in transaction volume.

In the last 24 hours, SHIB saw 7.33 trillion in transaction volume, per IntoTheBlock data; 5.75 trillion SHIB accounted for large transaction volume, which refers to the volume of transactions over $100,000, which is indicative of whale or institutional activity.

Transaction volume, which measures the total volume of on-chain transactions, might reflect both trading and non-speculative activity.

Thus, transaction volume, like trading volume on exchanges, can assist in identifying reversals and breakouts.

Increased transaction volume during major price declines could indicate both panic selling by holders and large investors buying despite the uncertainty. As such, the strong transaction volume might act as a sign of a reversal in the price trend.


1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Related posts

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥 will not disclose your account information to any 3rd parties.