Shiba Inu daily transaction volume records a massive spike to 5.354 trillion SHIB, marking a 169% increase from the previous day’s figure.
With the broader crypto market witnessing an extended range-bound movement, Shiba Inu bulls have not mustered enough strength to break above critical resistance levels. As a result, SHIB has failed to transform the $0.000025 territory from resistance to support, often slipping below it after a rebound.
Shiba Inu Daily Transactions Spike to 5.354T
Despite the market turbulence, interest in Shiba Inu has increased over time, evidenced in the occasional spikes in transaction volume. One such spike occurred yesterday, according to data sourced by on-chain analytics resource CryptoQuant.
Notably, data confirms that market participants transacted with over 5.354 trillion Shiba Inu valued at an excess of $132 million yesterday. This figure represented a 169% increase from the 1.985 trillion SHIB moved on Sunday. The latest spike represents a rejuvenation of market activity following a marked decline on Sunday.
Shiba Inu Tokens Transferred | CryptoQuant
In contrast, IntoTheBlock (ITB) data reveals that the number of transactions involving Shiba Inu amounted to 6,390 on May 27, representing a low figure. This contrast in transaction volume and number of transactions suggests that SHIB witnessed more whale transactions on May 27.
Notably, transactions worth between $1,000 and $10 million increased to 2,605 yesterday, a significant spike from the 1,595 figure recorded on May 26. In addition, large transactions involving at least $100,000 worth of Shiba Inu amounted to a cumulative volume of $91.04 million on May 27.
SHIB Large Transaction Volume | IntoTheBlock
SHIB Reclaims $0.000026 Despite Exchange Inflows
The rise in whale transactions confirm a growing trend of increased involvement with Shiba Inu among large market participants. However, further on-chain data indicates that this trend might be tilting toward bearish territories, as most of these transactions involve exchange inflows.
According to CryptoQuant data, on May 27, investors deposited 1.462 trillion Shiba Inu tokens to exchanges, the largest figure in nearly a week. This resulted in a positive exchange netflow of 607 billion SHIB tokens that day.
Shiba Inu Exchange Netflow | CryptoQuant
However, this metric had little impact on Shiba Inu’s price action despite the projected growth in selling pressure. SHIB saw an impressive 4.89% increase in price on May 27, looking to now build on this price surge to seal its position above $0.000025. Shiba Inu has also rallied by 2% today, currently trading for $0.00002603.
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