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Dog-themed cryptocurrency Shiba Inu (SHIB) has seen 1.99 trillion SHIB in large transaction volume, according to data from IntoTheBlock.
However, this massive figure represents a notable 35.41% drop in large transaction volume over the last 24 hours, signaling that the activity from SHIB whales or large holders remains relatively low.
The large transaction volume metric tracks large transactions, typically those valued at $100,000 or more, and serves as a barometer for whale activity on the market.
According to IntoTheBlock data, Shiba Inu's large transaction volume, which provides an idea of the total amount transacted by whales, came to $34.25 million in the past day, or 1.99 trillion SHIB in crypto terms.
Tomiwabold OlajideWhile nearly two trillion SHIB representing large transaction volume in a single day is certainly eye-catching, the accompanying 35% decline points to a cooling in whale activity. This decline may suggest that large holders are staying on the sidelines or opting for smaller moves, even as the market awaits the next big move.
Why are SHIB whales staying put?
Several factors could explain the decline in SHIB whale activity over the last 24 hours. Whales might be taking a wait-and-see approach after a sell-off at the start of the week. As the market faces selling ahead of today's Fed release, whales may be choosing to hold their positions until clearer trends emerge.
Meme coins rose over the past weekend as social sentiment and risk-taking among crypto traders increased. Shiba Inu also climbed three days in a row, reaching a high of $0.00001884 on Oct. 6 before facing profit-taking.
At the time of writing, Shiba Inu was down 1.75% in the last 24 hours to $0.00001718 after briefly reaching highs of $0.000018 in today's trading session. If today closes in red, Shiba Inu would mark its third day of losses since Sunday's high of $0.0000188.
The current market uncertainty might have prompted whales to stay put, hence a decline in large transaction volume.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin
U.Today Editorial Team