SHIB Whales Trading Volume Surge 640% As Coin Nears Critical Support

The SHIB whales trading volume surged by 640% as the coin nears a critical support level in the past 24 hours so let’s read more today in our latest altcoin news today.

The increased buying or selling activity among the whales also increased by 61% and the larger transactions which spiked to 57% were noted in the active addresses of the holders as seen in the past 24 hours. The SHIB whale’s trading volume increased and the value of the coin surged by 3.06% which came with the coin reverting to the key support level of 0.00001. As of press time, SHIB is trading at $0.000001044 which dropped by 7.48% as seen overnight and dropped by 12.84% in the weekly perspective. Bitcoin’s movement and other altcoins also impacted the FED regulatory issues that concern the crypto market.

Shiba Inu is considered the biggest token among ETH whales and the top 1000 ETH whales are still holding over $641,196,371 of the coin. For two weeks, SHIB’s price was bullish but was in a muddle and the bullish streak started on July 12 which gave SHIB a new push to 34% before the prices collapsed. SHIB slumped by 2% which is an extension of the bullish streak at 7% and the surge in SHIB prices was triggered by the news that it will launch a new metaverse collectible card game dubbed SHIBA Collectible Card Game in collaboration with TREAT. There are other reports that the meme coin is set to introduce SHI as a stablecoin.

Shiba Inu launched the SHIB burn Visa Card which is described as the first of its kind card that burns SHIB while making transactions and the announcement was posted in a video teaser on Twitter with the caption “Make Payments, Burn SHIB.” The US printing company Printful started accepting SHIB payments and other cryptocurrencies via BitPay. The SHIB price was able to break through the resistance zone at $0.0000125 but the price retraced immediately as it trades below the resistance levels.

SHIB prices also continued to dwindle and went bearish with today’s 2% drop. The trend shows that the coin price will continue to decline and the daily chart shows that SHIB prices will continue to drop in the upcomign trading sessions. The SHIB price is predicted to decline further and hit a new bottom so if the price retraces again, there are possibilities of a surge and could perform better.