As a seasoned crypto investor with battle-hardened instincts and a portfolio that resembles a rollercoaster map, I must admit the recent surge of Shiba Inu (SHIB) has piqued my curiosity. However, I always approach such market fluctuations with a healthy dose of skepticism, having learned the hard way that crypto markets can be as unpredictable as a game of Russian roulette.
Following an over 80% increase in value within a week for the widely recognized meme-based cryptocurrency Shiba Inu (SHIB), numerous individuals involved in the crypto market found themselves questioning: What lies ahead next?
As a crypto investor navigating these turbulent waters, it’s crucial to remember that no crystal ball exists to predict market movements with absolute certainty. However, by keeping an eye on the behavior of the ‘whales’ – the big fish in this sea – can offer some valuable insights. Their moves might not always be a guaranteed roadmap, but they can serve as a compass, helping us make informed decisions amidst the uncertainty.
Based on information from IntoTheBlock’s on-chain analysis, it appears that large investors (whales) have chosen to be less active recently. This is indicated by a decrease in Shiba Inu token inflows to wallets holding at least 0.1% of the total supply. Over the past day, this figure has dropped from 440 billion SHIB to 1.51 trillion SHIB.
In the same way, reductions in outflows were also observed, amounting to 210 billion SHIB tokens during the review period. This brings the total outflow to 1.3 trillion SHIB. Consequently, the net flow value remains positive, indicating that cryptocurrency transfers to whale wallets are still primarily incoming rather than outgoing. However, it’s worth noting that overall activity on both inbound and outbound transactions has decreased significantly.
The significant drop in large Shiba Inu token transactions is evident from the data. Specifically, the data shows that in the last 24 hours, transactions valued at $100,000 or more (in SHIB terms) decreased by about one-third, resulting in a daily volume of approximately $84.22 million and 3.4 trillion Shiba Inu tokens traded.
As a researcher analyzing the market trends, I find it evident that despite the current levels being significantly higher than they were before the price surge in November, when compared to the peaks of that surge, it’s clear that transaction volumes are decreasing. This suggests that the Shiba Inu whales, those with large holdings, are currently adopting a strategy of patience, neither buying nor selling SHIB.
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2024-11-18 17:50