Shiba Inu (SHIB) has experienced an unexpected and substantial decline in whale activity, causing alarm as major holders and traders slash their involvement by an astonishing 86.88%. This downturn raises significant concerns within the cryptocurrency community about the potential implications for SHIB’s market dynamics.
Recent on-chain data from IntoTheBlock highlighted a stark decline in substantial SHIB transactions within the last 24 hours. The volume plummeted from 5.75 trillion tokens to 753.96 billion tokens, equating to a staggering drop of $49.23 million. These figures exclusively encompass transactions exceeding $100,000 in Shiba Inu tokens, totaling 21 transactions within this specified timeframe.
Source: IntoTheBlock
Shiba Inu Wallet Movements Mirror Decline In Whale Activity
Further scrutiny into the Shiba Inu ecosystem unveils a corresponding trend in the movement of wallets held by large stakeholders. During this period, wallets holding at least 0.1% of the total SHIB volume acquired 100.74 billion tokens. Conversely, a substantial 98.72 billion SHIB was transferred out, reflecting a remarkable 97.9% reduction in inflows and a significant 79.5% decrease in outflows, contributing to the prevailing uncertainty.
This decline in whale activity coincides with significant price fluctuations observed within the crypto space for the Shiba Inu token. Following a sharp 21% decline on Jan. 3, SHIB swiftly rebounded by 22.5%, entering a phase of accumulation during a downturn while volatility diminished, highlighting the broader trends within the cryptocurrency sphere.
SHIB is trading at $0.000009486, signifying a decrease of 1.01% within the last 24 hours and a 10.14% decline over the past 7 days in the crypto market. Speculation within the market is rife about imminent price movements, yet the definitive direction remains elusive.
Source: TradingView
Whales are exercising caution in response to the ambiguity in SHIB quotes and the broader crypto market. Anticipation looms over the forthcoming decision on the spot Bitcoin ETF anticipated by Wednesday, prompting major players to reevaluate their positions once a clearer trajectory for the market emerges.