Meme coin Shiba Inu has resumed its uptrend and is now on an 8% price uptick previously 24 hours. Nevertheless, this positive momentum is contrasted by a big decline in whale activity, as revealed through data from on-chain analytics platform IntoTheBlock.
Particularly, large Shiba Inu transactions have fallen by about 70% previously 24-hour timeframe. This downturn in large-scale transactions could have profound implications for SHIB’s market trajectory.
Shiba Inu Whale Volume Plummets 70% In One Day
Whale transactions function an indicator for large-holder engagement in a crypto asset. Interestingly, this activity is relayed through the ‘Large Transactions Volume’ metric from analytics platform IntoTheBlock, which tracks the amount of SHIB transactions with a price of $100,000 and greater.
In line with the metric, 5.72 trillion SHIB tokens were moved previously 24 hours in large transactions. Interestingly, this marks a 73% decline from the 21.23 trillion SHIB that fell into this category on November 14.
When it comes to value in US dollars, the cumulative value of transactions wherein $100,000 and above value of SHIB were moved got here off at $145.37 million previously 24 hours. Similarly, this comes off to a 70% decline from the $493.66 million registered on November 14. The decline is much more pronounced compared to the $784.79 million reported on November 12, which comes off to an 81% decline in activity value in 4 days.
Implications For SHIB’s Price Dynamics
Despite the largely positive Shiba Inu price uptick previously few days, whale activity hasn’t what it was. In line with Santiment, which is one other on-chain analytics platform, the recent rally in the value of meme coins like SHIB has been mostly driven by retail investors.
Now, the decline in large transactions may suggest reduced confidence or exits by whales. This reduction can result in decreased liquidity and impact price stability.
Crypto whale transaction tracker Whale Alerts highlighted a large transfer of 4 trillion SHIB value $99 million between unknown wallets. The motive behind such a large transfer is currently unknown, however the mode of the exchange points to it being a redistribution by a large SHIB whale or crypto exchange. On the time of writing, the sender address ‘0x4221’ is holding $185.9 million value of SHIB, while the recipient address ‘0x633b’ is holding $101.88 million value of SHIB.
The Shiba Inu price is currently trading at $0.00002545 and is up by 7% previously 24 hours. The buying momentum has now resumed, prompting the Relative Strength Indicator to bounce from around 33 to 69 previously few hours. Nevertheless, the decline in whale transaction activity is a key trend to keep watch over.
Featured image from Pixabay, chart from TradingView