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Recent on-chain metrics for Shiba Inu paint a strong shift on the market landscape, with a 15% decrease in large transactions. This change has significant implications for the token’s market dynamics and potentially its price trajectory in the near future.
This metric, showing a slight 0.32% increase, indicates a marginal rise in the number of new addresses being created on the SHIB network. While this is generally a bullish signal suggesting growing interest or new entrants on the market, the minimal increase reflects limited fresh momentum.
The "In the Money" metric, displaying a neutral 0.30%, represents addresses that are currently profitable based on the purchasing price of SHIB. This neutrality signifies a balance between bullish and bearish sentiment among holders, potentially indicating a holding pattern among investors.
A slight 0.04% increase in concentration suggests a minor rise in the token holdings of the top SHIB addresses. This could be viewed as a subtle bullish signal, implying that some larger holders are possibly increasing their stakes, or fewer addresses are accumulating more SHIB.
Tomiwabold OlajideThe 15.66% drop in large transactions over $100,000 is particularly significant. This decrease often signals reduced activity from whales, who are typically capable of swaying the market with their large orders. This reduction could imply a lower confidence level among larger investors, or a shift in strategy toward smaller, less noticeable transactions.
Currently, SHIB is consolidating within a narrowing price range, hinting at an impending volatility spike. The decrease in whale transactions could reduce significant sell-offs or buys, potentially stabilizing the price temporarily. However, the consolidation phase suggests that a breakout could be incoming. The direction of this breakout will likely depend on the rest of the market, rather than SHIB specifically, so we will have to wait and see.
Alex Dovbnya
Gamza Khanzadaev
Tomiwabold Olajide
