Shiba Inu Price Could Be In Trouble As Whale Volume Crashes 70% In A Single Day

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As a seasoned researcher with years of experience observing and analyzing cryptocurrency markets, I must admit that the recent developments surrounding Shiba Inu (SHIB) have piqued my interest. The 8% price uptick in the past 24 hours is indeed encouraging, but it’s the significant decline in whale activity that has caught my attention.

The digital currency Shiba Inu is once again climbing upward and has seen an 8% increase in value over the last day. Yet, this bullish trend seems to clash with a noticeable drop in major investor involvement, as suggested by information gathered from the on-chain analytics platform IntoTheBlock.

Over the last 24 hours, there’s been a significant decrease of around 70% in major Shiba Inu transactions. Such a drop in big transactions might lead to substantial changes in the direction of SHIB’s market trend.

Shiba Inu Whale Volume Plummets 70% In One Day

Transactions involving whales (large holders) can signal their involvement in a particular crypto asset. Notably, this activity is quantified via the ‘Large Transactions Volume’ statistic from analytics platform IntoTheBlock. This metric specifically monitors transactions of Shiba Inu (SHIB) valued at $100,000 and above.

As per the data, approximately 5.72 trillion SHIB tokens were transferred in significant transactions over the last 24 hours. It’s worth noting that this represents a decrease of about 73% compared to the 21.23 trillion SHIB tokens categorized as large transactions on November 14.

Approximately $145.37 million worth of SHIB transactions involving $100,000 or more were made over the past day. This represents a significant decrease compared to the $493.66 million recorded on November 14, which is approximately 70% lower. Compared to the $784.79 million reported on November 12, this figure shows an even greater decline of about 81% in just four days.

Implications For SHIB’s Price Dynamics

Although there’s been a notable increase in Shiba Inu prices recently, whale involvement hasn’t reached the same levels as before. As per Santiment, a popular on-chain analytics tool, this latest surge in meme coin values such as SHIB is primarily due to active participation from retail investors rather than large-scale investors (whales).

Currently, a drop in significant trades might indicate lessened confidence or withdrawals by major players. Consequently, this decrease could result in diminished market liquidity, potentially affecting the stability of prices.

A significant transfer of 4 trillion Shiba Inu coins, equivalent to approximately $99 million, was spotted between unidentified digital wallets by Whale Alerts, a crypto whale transaction tracker. The purpose behind this large-scale transaction remains undisclosed, but the manner of the exchange suggests it may be a reallocation by a major Shiba Inu coin whale or cryptocurrency exchange. At the present moment, the sender’s address ‘0x4221’ holds around $185.9 million in SHIB, while the recipient’s address ‘0x633b’ possesses approximately $101.88 million in SHIB.

Right now, the cost of Shiba Inu stands at $0.00002545 and has risen by 7% over the last day. The purchasing energy has picked up again, causing the Relative Strength Index to rise from approximately 33 to 69 within a short timeframe. Nevertheless, it’s important to monitor the decrease in large-scale transaction activity among whales.

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2024-11-17 02:41