The number of Shiba Inu whale transactions have been increasing in the past 24hrs, despite the fact that the cryptocurrency market is being dragged into an extreme bearish trend this week.
According to data from IntoTheBlock, the Shiba Inu whales transaction surged by 261% in terms of large transactions.
These kind of large transaction surge are connected with an increased institutional or whales activities of either buying or selling.
Meanwhile the analysis from WhaleStats reveals that there is a massive surge of 50% in SHIB active addresses as there has been a purchase of billions of Shiba Inu made by crypto whales in the recent hours.
This increased process of purchasing has resulted in an upswing of large transactions and positive price action. The WhaleStats show that two large Shiba Inu purchases have been made over the last 24hrs.
As per the reports, the Ethereum whales named as “BlueWhale0073” has made a purchase of 311,816,880,855 SHIB worth of $4,801,979.
Shiba Inu Price Action
Shiba Inu Price action is still under the bearish trend though there has been a massive burn of SHIB tokens seen after the launch of Shiba Inu burn portal on April 25, 2022. In just 24hrs, 243 million SHIB tokens have been burnt. Burning any tokens reduces its circulating supply resulting in an increased token value.
However, despite the fact that there is a consistency in SHIB token burning, the meme coin’s price action has stepped downward.
At the time of reporting, Shiba Inu is valued at $0.0000173 with an increase of 3.09% over the last 24hrs. A few of the analysts have predicted a downwards trend for the Dogekiller.
One of the crypto analysts and trader, Crispus Nyaga has put forth his analysis saying that the key support for the Shiba Inu coin lies at $0.000017 and expects the SHIB price to continue with its southward price action. If this happens, analysts assert that the next key level for Shiba Inu price lies at $0.000011.