Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
An alarming trend began to emerge behind the scenes of the Shiba Inu token (SHIB), with key metrics showing the activity of the big players, or whales as they are known in the crypto space, saw a dramatic drop in their values.
Arman ShirinyanAs on-chain data from IntoTheBlock indicates, the volume of large transactions of the popular meme cryptocurrency fell 42.86% to 3.56 trillion SHIB over the past 24 hours. In monetary terms, this decline was reflected in a drop in transactions with a minimum size of $100,000 from $162.45 million to $91.87 million. In total, there were 201 such transactions during the period under review.
A significant drop in the activity of Shiba Inu whales was reflected in a decrease in outflows and inflows to wallets that hold at least 0.1% of the circulating supply of the popular meme cryptocurrency. Thus, according to the Large Holders Inflow indicator, inflows to wallets of this scale decreased seven times overnight, reaching a value of only 501.2 billion SHIB.
As for outflows, the picture is similar, and their figure fell to 499.54 billion SHIB, which is 86% lower than the day before.
Shiba Inu (SHIB) price outlook
The drop in activity of major SHIB players occurred amid not-the-most-inspiring price action of the second largest meme cryptocurrency. Thus, the price of the Shiba Inu token clearly printed the fourth lower high on the daily chart after the March price pump of almost 400%.
This action can hardly be seen as positive, and the picture on the SHIB price chart, besides clearly symbolizing a decrease in volatility, does not prophesy a repeat of the successes of a month ago in the near future - at least until the price of the Shiba Inu token breaks not only the March high but also the previous one, which was in early April.
Tomiwabold OlajideThe decline in whale activity only adds credence to this, given that their actions are determinant in this cycle of liquidity and trend shifts.
Alex Dovbnya
Dan Burgin
Vladislav Sopov