Shiba Inu Whale Volume Plummets 70% In One Day, SHIB Price Dynamics Impacted

Meme coin Shiba Inu has resumed its uptrend and is now on an 8% price uptick in the past 24 hours. However, this positive momentum is contrasted

Shiba Inu (SHIB) has resumed its uptrend and is now up by 7% in the past 24 hours. The buying momentum has picked up steam after bottoming out at $0.000023 on November 13. Now trading at $0.000025, SHIB is attempting to rally back towards the $0.000027 resistance level.

However, contrasting this positive price momentum is a significant decline in whale activity, as revealed through data from on-chain analytics platform IntoTheBlock.

Particularly, large Shiba Inu transactions have fallen by about 70% in the past 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 are large crypto asset transactions that are valued at $100,000 and above. For Shiba Inu, this activity is relayed through the ‘Large Transactions Volume’ metric from IntoTheBlock.

According to the metric, 5.72 trillion SHIB tokens were moved in the past 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.

In terms of value in US dollars, the cumulative value of transactions in which $100,000 and above worth of SHIB were moved came off at $145.37 million in the past 24 hours. Similarly, this comes off to a 70% decline from the $493.66 million registered on November 14. The decline is even more pronounced when compared to the $784.79 million reported on November 12, which comes off to an 81% decline in activity value in four days.

Breaking down the large transactions further, a crypto whale transaction tracker known as Whale Alerts highlighted a massive transfer of 4 trillion SHIB worth $99 million between unknown wallets. The motive behind such a large transfer is currently unknown, but the mode of the exchange points to it being a redistribution by a massive SHIB whale or a crypto exchange.

At the time of writing, the sender address ‘0x4221’ is holding $185.9 million worth of SHIB, while the recipient address ‘0x633b’ is holding $101.88 million worth of SHIB. The transaction hash for the massive SHIB transfer is 0x949e786887333333333333333333333333333333333333333333333333333333 for those interested in tracking the movement of the tokens.

Shiba Inu Price Analysis

The Shiba Inu price is attempting to rally back towards the $0.000027 resistance level after bottoming out at $0.000023 on November 13. The buying momentum has picked up steam, prompting the Relative Strength Indicator (RSI) to bounce from around 33 to 69 in the past few hours.

Now trading at $0.00002545, SHIB is up by 7% in the past 24 hours. The world’s 13th largest cryptocurrency has also gained 33% in the past week, largely driven by retail FOMO (fear of missing out) as the meme coin recovers from recent lows.

But, the decline in large transactions may suggest reduced confidence or exits by whales. This reduction can lead to decreased liquidity and impact price stability.

Moreover, on-chain data analytics platform Santiment reports that the recent rally in the price of meme coins like SHIB has been mostly driven by retail investors. Now, as SHIB’s price attempts to rally back towards the $0.000027 resistance, keeping an eye on whale transaction activity will be key.