Data from IntoTheBlock was used in a recent research to show a notable drop in high transaction volumes for Shiba Inu (SHIB), a cryptocurrency inspired by memes.
The number of these transactions—transfers that are larger than $100,000 USD—has decreased dramatically during the last 48 hours, falling by 83.77%. With this decrease, there are now just 1.89 trillion SHIB tokens instead of 11.65 trillion. This loss is much more noticeable when expressed in monetary terms, falling by 85.2% from $321.63 million to $47.69 million. Over this time, Shiba Inu’s price decreased by 2.4%.
During the course of the two days, there was a sharp decline in the quantity of significant transactions as well, going from 584 to only 99.
Big trades usually reflect the behaviour of institutional investors and whales in the market. The decrease in these transactions points to a significant drop in these important stakeholders’ involvement in the Shiba Inu ecosystem.
Shiba Inu (SHIB) price outlook
While the decline in whale activity with SHIB is undoubtedly a bad thing, its reasons might not be. Large players are known to increase their positions on price charts and in the market during quiet times.
SHIB’s price has exhibited much less volatility over the past month and a half, primarily moving sideways. In spite of this, an upward tendency can be seen in the price of Shiba Inus, which has been showing higher and higher lows. This is indicative of good things to come.
In this situation, it’s possible to argue that the whales have completed amassing SHIB and that significant movement for the token is imminent. It is unclear if this movement will be upward or downward.
