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7 Trillion Shiba Inu (SHIB) Turn Into 749 Billion: Here's What Happened

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Sun, 23/06/2024 - 10:55
7 Trillion Shiba Inu (SHIB) Turn Into 749 Billion: Here's What Happened
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The whale-tier transactions of Shiba Inu has been an important indicator for the asset's health and market activity. However, as we are seeing now, the 24-hour large transactions volume has plummeted below 1 trillion tokens, while showing 7.49 trillion earlier this week, signalizing a dangerous tendency.

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The quantity of large transactions involving Shiba Inu has sharply decreased, according to recent on-chain data from IntoTheBlock. Just 45 large transactions were made in the last 24 hours, a dramatic decrease from the seven-day high of 285 transactions on June 18.

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SHIB/USDT Chart by TradingView

A sharp decline in the volume of transactions occurs concurrently with this decrease in the overall number of transactions, from a peak of 7.68 trillion SHIB earlier this week to just 747.97 billion SHIB in the last 24 hours. The large transaction volume indicates the total amount of SHIB moved in these transactions.

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This decline is concerning because it points to a significant drop in the activity of whale investors who are frequently considered the primary driver of noteworthy market movements. This decline may be the result of multiple factors. First, big investors may be less interested in Shiba Inu as a result of a general decline in market sentiment.

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As the Shiba Inu chart indicates, the price of the asset is plunging beneath key moving averages and it looks like a trend to head for the token. The poor trading activity is reflected by the drop of RSI within the "oversold" area on a relatively low volume. Moreover, the rate is shifting beneath long-term shifting averages like 200 and 100, which is a sign of a sturdy bearish sentiment.

Many ramifications may arise for the Shiba Inu market as a result of the decreased large transaction volume. SHIB's liquidity may suffer from fewer large transactions, which would increase its sensitivity to price volatility. A further drop in the price of SHIB could result from the lack of substantial buying activity from whale investors since there will be less support to withstand selling pressure.

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