Shiba

bullish

Bitcoin

Shiba Inu

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
Dog-themed cryptocurrency <a href="https://u.today/shiba-inu-inflows-skyrocket-164-as-shib-preps-for-major-rally">Shiba Inu</a> is seeing a 367% surge in large transaction volume, a metric indicative of whale activity.
According to <a href="https://app.intotheblock.com/?pid=bitcoin_com&amp;utm_source=bitcoin_com_widget&amp;end_offset=20">IntoTheBlock</a> data, Shiba Inu's large transaction volume came in at $43.52 million, or 3.21 trillion SHIB in crypto terms, representing a 367% surge.
<img alt="IntoTheBlock" data-entity-type="file" data-entity-uuid="f2139ccc-bdcd-47f1-a2b5-7858919eccd1" src="https://u.today/sites/default/files/inline-images/10092024%200000.PNG"><a href="https://app.intotheblock.com/coin/SHIB/deep-dive?group=financials&amp;chart=largeTransactions">Large Transactions Volume, Courtesy: IntoTheBlock</a>
Large Transactions Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicates increased activity among whales, either buying or selling.
The bullish whale activity surge coincides with a SHIB price increase. In the last 24 hours alone, SHIB's price has increased by 2.22%, continuing its upward momentum.
<h2 id="shib-price-rebounds">SHIB price rebounds</h2>
Shiba Inu began to recover after reaching a low of $0.00001231 on Sept. 6. The rebound continued for three days, with SHIB reaching a high of $0.0000137 on Sept. 9. At the time of writing, SHIB's price had slightly eased, with <a href="https://u.today/shiba-inu-skyrockets-285-in-netflows-as-whales-commit-to-shib-price-surge">SHIB</a> trading at $0.0000134.
Shiba Inu's recovery correlates with an overall market recovery. Bitcoin is making a nice comeback following a rough start to September, with the price falling below $53,000 at one point last Friday.
Crypto advances are occurring amid an increase in U.S. stocks, which also suffered a setback last week. The Nasdaq and S&amp;P 500 both rose 1.15% on Monday.
September has proven to be a historically weak month for cryptocurrency prices. The good news is that October and the fourth quarter in general have proven to be favorable for price movement.
In the following days, the market will closely monitor SHIB's performance in light of the bullish whale activity. In the event of sustained price momentum, all eyes are on a decisive break above the daily SMA 50 and 200, which could target a rally to $0.00003 for SHIB's price action.

Shiba Inu (SHIB) Skyrockets 367% in Bullish Whale Activity Surge

Table of Contents

U_Today

Other articles published on Sep 10, 2024

Bitcoin Records an 8% Decrease in Early September: Technical Analysis of September 10, 2024

Successful Yacht Networking Event Hosted by LBank and Kaspa: A Night to Remember

Four Altcoins Poised for Breakout: RUNE, FTM, DOGE, and SUPER

Bitcoin whale accumulation heats up ahead of US CPI report

Terra-News: Tax2Gas-Upgrade ist fertiggestellt – Erholen sich LUNC- und USTC-Kurs?

Friend.Tech Faces Uncertain Future After Transferring Control of Smart Contracts

Join our free newsletter for daily crypto updates!