Shiba Inu (SHIB) Whale Transactions Crash by 61%, Sparking Concerns About Reduced Whale Activity and Potential Price Volatility

Shiba Inu (SHIB) is under renewed selling pressure, with its price declining in both the daily and weekly timeframes. Recent on-chain data highlights a sharp drop in large transactions, sparking concerns about reduced whale activity and potential price volatility in the coming days.

Shiba Inu (SHIB) has faced a steep decline in its price across both daily and weekly timeframes due to a drastic drop in large transactions.

on-chain data from IntoTheBlock highlights a massive downturn in Shiba Inu’s large transactions, with those valued at $100,000 or more. This key metric, which provides insights into whale movements and overall market sentiment, has taken a significant hit.

According to the platform, the number of large SHIB transactions crashed by 61% in just 24 hours. This marks a sharp decline from 353 to 136 large transactions within a day. The drastic drop suggests that whales may be stepping away from the market, potentially signaling a lack of bullish conviction.

This development comes as no surprise, as smaller transactions, usually carried out by retail traders or bots, have also seen a steep decline. However, the drastic decrease in large transactions is a crucial factor in assessing the overall market sentiment and potential price movements.

In addition to the steep decline in the number of large transactions, the total volume of these high-value trades has also suffered a sharp decrease.

Data from IntoTheBlock shows that the total SHIB volume involved in these transactions fell from 6.81 trillion SHIB to 3.05 trillion SHIB, reflecting a 55% drop in the past 24 hours.

In terms of dollar value, the decline is even more concerning, with the total transaction volume dropping from $128.95 million to $54.74 million, a 58% crash. This drastic decrease in large transactions suggests a cooling sentiment among big investors, leaving the meme coin vulnerable to further price fluctuations.

This decline in whale activity has already impacted SHIB’s price, with the token losing 2.7% in the past 24 hours and 9.5% over the past seven days. This bearish trend has caused Shiba Inu to lose support at $0.000020, although it has managed to hold above $0.000018 so far.

However, if whale activity continues to dwindle, there is a risk of further declines below the $0.000018 support level. Without renewed interest from large investors, SHIB may struggle to regain momentum, making it more susceptible to increased volatility and bearish sentiment.

As the Shiba Inu market navigates these turbulent conditions, traders and investors will be closely watching whale activity for signs of a potential reversal. Stay tuned for more updates on SHIB’s price action and on-chain developments.