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Something worrying started to show up in the data behind the scenes of Shiba Inu (SHIB). The values of key metrics showing the activity of the big players, or whales as they are known in the crypto space, dropped dramatically.
According to on-chain data from IntoTheBlock, the volume of large transactions of the popular meme cryptocurrency fell 57.73% to 1.12 trillion SHIB over the past 24 hours. In dollar terms, this meant a drop in transactions of at least $100,000 from $35.9 million to $14.8 million. In total, there were 48 such transactions over the period we are looking at.
Yuri MolchanThere was also a drop in activity from whales holding at least 0.1% of SHIB, as shown by a decrease in outflows and inflows to their wallets. According to the Large Holders Inflow indicator, inflows to these big wallets dropped 61.7% overnight, reaching a value of only 295.42 billion SHIB.
Outflows were down too. The figure fell to 300.38 billion SHIB, which is 45.47% lower than the day before.
Shiba Inu (SHIB) price eyes major uncertainty
The drop in activity of major SHIB players happened at a time when the second largest meme cryptocurrency was not seeing much movement in its price. The Shiba Inu token's price has been stuck in a tight range in September.
The only time the SHIB price broke out of the range was on Wednesday, when the general crypto market bounced back from its August lows.
Tomiwabold OlajideWith whale activity down, it is even clearer that they play a big role in this cycle of liquidity and trend shifts.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team