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Shiba Inu (SHIB) Loses 84% in Key Metric as Whales Disappear

Sun, 2/06/2024 – 14:31

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In a recent report, data from IntoTheBlock revealed a significant decline in large transaction volumes for the meme-inspired cryptocurrency Shiba Inu (SHIB).

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Over the past 48 hours, the volume of these transactions, characterized by transfers exceeding $100,000 USD, has plummeted by a striking 83.77%. This drop translates from 11.65 trillion SHIB tokens to just 1.89 trillion SHIB tokens. In monetary terms, this decline is even more pronounced, with a decrease of 85.2% from $321.63 million to $47.69 million. The price of Shiba Inu itself fell by 2.4% during this period.

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The number of large transactions has also seen a dramatic decrease, falling from 584 to just 99 over the two-day period.

Source: IntoTheBlock

Large transactions are typically indicative of the actions of whales and institutional players in the market. The decline in these transactions suggests a notable reduction in the activity of these major players within the Shiba Inu ecosystem.

Shiba Inu (SHIB) price outlook

Obviously, whale activity with SHIB has decreased, which is seen as negative, but its causes may not be so. It is known that big players tend to gain positions during periods of calm in the market and on price charts.

SHIB to USD by CoinMarketCap

Over the last month and a half, SHIB’s price has shown significantly decreased volatility, trading mostly sideways. Despite this, the price of Shiba Inu has been registering higher and higher lows, demonstrating an uptrend. This can be seen as a positive sign.

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In this context, it could be considered that the whales have finished accumulating SHIB, and some big movement is on the horizon for the token. Whether this movement will be upward or downward remains to be seen.

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