As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent price behavior of Shiba Inu (SHIB). While the token’s price swings have been as unpredictable as a roller coaster ride at an amusement park, the on-chain activity appears to be more like a ghost train – barely visible.
As the price fluctuations of the well-known meme-based cryptocurrency Shiba Inu (SHIB) become more significant, it seems there’s less noticeable activity happening behind the scenes, particularly within the blockchain environment. This is especially true when it comes to the influential figures in the crypto world, often referred to as “whales.
Over the last two days, as reported by IntoTheBlock, the daily inflow of Shiba Inu tokens has significantly decreased from approximately 511.6 billion SHIB to an average of around 132.21 billion SHIB. It’s worth noting that this number was steady at nearly 2.4 trillion SHIB only a week prior, indicating a possible trend reversal.
Consequently, this marked a high point, and over the subsequent days, the volume decreased by an additional 94.5%. Noteworthy is the fact that the data considered here comprised addresses owning at least 0.1% of the circulating Shiba Inu token supply.
The data on significant SHIB transactions (those worth at least $100,000) backs up the statistics. In the given timeframe, the number of these big transactions dropped from 892 to 282, and the total volume fell from approximately 21 trillion SHIB ($624.98 million) to 3.69 trillion SHIB ($88.7 million). This represents an average decline of around 85.8%.
Significantly, a reduction in trading activity by significant market participants has led to a decrease in SHIB trading volume. Consequently, we might infer that the meme-based cryptocurrency market is becoming less dense. This situation could be the reason behind the high volatility observed in Shiba Inu token prices. However, when these major players return with increased activity, the SHIB price movements are likely to become more stable and easier to interpret.
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2024-12-19 17:52