On June 18, leading dog-themed meme token, Shiba Inu (SHIB), saw a massive decline of 88.09% in its large transaction volume, according to the latest data from on-chain analytics platform IntoTheBlock.
As the crypto market remains bloody, with the prices of leading cryptocurrencies plunging deeper amid persisting market volatility, SHIB has not only continued to experience significant disruptions in its price movement, but its behind-the-scenes trend in the on-chain space has also been severely impacted.
Over the last 24 hours, the total net inflow of tokens moved among wallets of SHIB investors holding at least $100,000 worth of SHIB tokens has fallen by a massive 88.09% to an unusual $23.36 million.
Despite amassing $196.15 million in large transaction volume on June 16—the highest level achieved over the last week—SHIB’s large transaction volume has dropped by about 90% in just two days.
While this comes amid a broad crypto market bloodbath, the decline in large transaction volume experienced in the SHIB ecosystem today indicates reduced trading activity among whales or institutional players, either buying or selling.
Although whales are known for accumulating more tokens during periods of consolidation or decline, this on-chain metric suggests weakened investor interest, as whales are now relenting on accumulating the tokens following the market’s negative performance.
This negative trend in SHIB’s price action and on-chain activity has caused holders to question the possibility of a potential price breakout for SHIB following the ongoing market sell-off.
Despite reaching notable highs in the last month, the Bitcoin-led market action has kept traders closely watching for signs of a potential cooling-off period.
Nonetheless, this downturn in SHIB’s large transaction volume suggests that investors are no longer willing to accumulate the token in large quantities, implying that bearish sentiment on SHIB is gradually taking center stage.
Still, SHIB has held steady in price over the last day despite the decline in on-chain movement, fueling more curiosity among SHIB holders.
According to data from CoinMarketCap, SHIB has surged slightly by 0.75% in price over the last 24 hours. As such, the token is trading steadily at around $0.00001170 as of press time.
U.Today Editorial Team
Dan Burgin
