In a recent report by IntoTheBlock, a notable decrease in large transaction volumes for the meme-inspired cryptocurrency Shiba Inu (SHIB) has been revealed.
Within the past 48 hours, the volume of these transactions, defined as transfers exceeding $100,000 USD, has plummeted by a significant 83.77%. This decrease equates to a drop from 11.65 trillion SHIB tokens to just 1.89 trillion SHIB tokens. In monetary terms, this decline is even more drastic, with a decrease of 85.2% from $321.63 million to $47.69 million. Concurrently, the price of Shiba Inu experienced a 2.4% decline during this period.
Furthermore, the number of large transactions has also witnessed a substantial decline, diminishing from 584 to a mere 99 over the same two-day period.
Large transactions in the crypto world often signify the actions of whales and institutional players in the market. The significant decrease in these transactions implies a notable reduction in the involvement of these major players within the Shiba Inu ecosystem.
Looking into the price outlook for Shiba Inu (SHIB), the decline in whale activity may be viewed as negative, but it could indicate a strategic move by major players to accumulate positions during market stability.
Observing SHIB’s price performance over the past month and a half, there has been a notable decrease in volatility, with the token predominantly trading sideways. Despite this, the price of Shiba Inu has been forming higher lows, indicating an overall uptrend. This trend can be interpreted as a positive indicator.
In this context, it is plausible to consider that whales have completed their accumulation of SHIB, potentially hinting at an impending significant movement for the token. The direction of this movement, whether upward or downward, remains uncertain and awaits further observation.
