Shiba Inu (SHIB) has experienced a notable increase in large transactions over the past 24 hours, suggesting potential whale activity. According to IntoTheBlock, the volume of transactions exceeding $100,000 has surged by 295%, indicating significant buying or selling by large SHIB holders. This increase in large transaction volume could be a strategic move by whales to establish a price floor and stabilize SHIB prices.

In the last 24 hours, 4.95 trillion SHIB worth $95.57 million accounted for the volume of large transactions, marking a 295% increase. The Shiba Inu network has seen a higher volume of SHIB tokens traded and a larger total amount transferred across the blockchain. Despite SHIB's 10.44% price drop in the last 24 hours, its trading volume has increased by 156%. This surge in large transaction volume could be a sign of whales attempting to defend the 501 trillion SHIB range, a critical support level where a massive quantity of SHIB was acquired by a large number of investors.

IntoTheBlock data reveals that 501.18 trillion SHIB were acquired by 80,950 addresses in the range of $0.000014 to $0.000019 at an average price of $0.000016. This range is significant due to the substantial volume involved, and if whales successfully defend it, it could prevent further price declines and potentially lead to a rebound. However, if the support level fails to hold, SHIB could experience further declines, prompting traders to seek new support levels and potentially leading to extended price volatility.

The recent increase in large transaction volume driven by whales has the potential to significantly impact SHIB's price. If successful in defending the 501 trillion SHIB range, it could indicate strong underlying support and potentially lead to a price rebound. However, if the support level fails to hold, SHIB may experience further declines, leading to a more extended period of price volatility.

The surge in large transaction volume and suspected whale activity have brought attention to Shiba Inu's price movements. As the market continues to fluctuate, it remains to be seen whether the recent increase in large transaction volume will successfully establish a price floor and stabilize SHIB prices.