As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen my fair share of bull and bear markets, whale activity, and meme coins. The recent large transaction volume drop of 35.41% for Shiba Inu (SHIB) is a phenomenon that has caught my attention.
According to data from IntoTheBlock, a significant amount of the dog-related cryptocurrency known as Shiba Inu (SHIB) – approximately 1.99 trillion units – has been transacted in large volumes.
Conversely, this substantial decrease of 35.41% in large transaction volume during the past 24 hours suggests that the activity from significant Shiba Inu holders has been fairly subdued.
Measuring high transaction volume focuses on significant transactions, often worth $100,000 or above, which helps indicate the presence of ‘whales’ (large investors) in the market.
Based on information from IntoTheBlock, the volume of large transactions involving Shiba Inu reached approximately $34.25 million over the last 24 hours, which is equivalent to about 1.99 trillion SHIB when measured in cryptocurrency terms. This transaction activity gives us a sense of how much whales are moving around with Shiba Inu.
Observing over 2 trillion SHIB exchanged in just one day is undeniably attention-grabbing, yet the concurrent 35% drop hints at a decrease in whale activity. This decrease might imply that major investors are choosing to abstain or make smaller transactions, even as we wait for the next significant market shift.
Why are SHIB whales staying put?
One possibility for the decrease in SHIB whale activity during the past 24 hours could be that these large investors are adopting a watchful stance following a recent sell-off at the beginning of the week. With the market showing signs of selling ahead of today’s Fed announcement, it seems plausible that whales might prefer to hold onto their positions until more definite patterns become apparent.
Over the weekend, meme coins experienced an uptick due to growing positive sentiment and riskier behavior among cryptocurrency traders. Shiba Inu saw consecutive daily gains, peaking at $0.00001884 on October 6, but then dipped as a result of profit-taking.
Currently, as I write this, the price of Shiba Inu has decreased by 1.75% over the past 24 hours to $0.00001718. Earlier today, it had peaked at $0.000018, but if today ends with a decrease, Shiba Inu will have experienced losses for the third consecutive day since its peak of $0.0000188 on Sunday.
Due to the present market instability, it’s possible that big investors are choosing to keep their funds where they are, leading to a decrease in significant trading activity.
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2024-10-09 19:02