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In a surprising development, Shiba Inu (SHIB) is witnessing a notable decline in whale activity, with large holders and traders scaling back their involvement by a significant 86.88%.
On-chain data from IntoTheBlock reveals a drop in substantial SHIB transactions over the last 24 hours, decreasing from 5.75 trillion tokens to 753.96 billion tokens — a drop equivalent to $49.23 million. Notably, these figures only include transactions exceeding $100,000 in Shiba Inu tokens, totaling 21 transactions within the specified time frame.
Delving deeper into the Shiba Inu ecosystem, the trend extends to the movements of wallets of large holders. During the observed period, wallets holding at least 0.1% of the total SHIB volume received 100.74 billion tokens, while a significant 98.72 billion SHIB were transferred out. This marks a 97.9% reduction in inflows and a substantial 79.5% decrease in outflows, contributing to the uncertainty surrounding the situation.
Cautious approach
This decline in whale activity coincides with notable price action in the Shiba Inu token. Following a 21% crash on Jan. 3, SHIB experienced a 22.5% rebound, entering a period of accumulation in a downtrend amid fading volatility.
Analyzing the SHIB price chart reveals a consistent pattern of lower highs over the past four days, paired with steady lows around $0.0000095 per token. The market is speculating about imminent price action, but the direction remains uncertain.
Whales seem to be adopting a cautious approach amid the confusion in SHIB quotes and the broader crypto market. With the impending decision on the spot Bitcoin ETF expected by Wednesday, major players are anticipated to reassess their positions once the market's trajectory becomes clearer.
Yuri Molchan
Alex Dovbnya
