Shiba inu coin meme It has resumed its upward trend It is now on an 8% rise in price over the past 24 hours. However, the momentum is positive Contrasts with A significant decrease in whale activity, as revealed by data from on-chain analytics platform IntoTheBlock.
In particular, large Shiba Inu transactions have declined by approximately 70% over the past 24-hour time frame. This decline in large-scale transactions could have profound implications for the trajectory of the SHIB market.
The size of a Shiba Inu whale decreased by 70% in one day
Whale transactions act as an indicator of the involvement of large holders in crypto assets. It is interesting that this activity is transmitted through “Large Transaction Volume” measure. From analytics platform IntoTheBlock, which tracks SHIB transaction volume of $100,000 and more.
According to the metric, 5.72 trillion SHIB tokens were transferred in the past 24 hours in large transactions. Interestingly, this represents a 73% decline from the 21.23 trillion SHIB that fell into this category on November 14.
In terms of USD value, the cumulative value of transactions in which SHIB of USD 100,000 and above were transferred was USD 145.37 million over the past 24 hours. Likewise, this represents a 70% decline from the $493.66 million recorded on November 14. The decline is even more pronounced when compared to the $784.79 million reported on November 12, which represents an 81% drop in the value of activity in four days.
Implications for SHIB price dynamics
Despite the largely positive rise in Shiba Inu fish prices in the past few days, whale activity is not what it used to be. According to Santiment, another on-chain analytics platform, the recent price rise of cryptocurrencies like SHIB has been mostly Led by retail investors.
Now a decline in large transactions may indicate a decline in confidence or the exit of whales. This reduction could lead to reduced liquidity and affect price stability.
Crypto whale transaction tracking alerts Highlight Huge transfer of 4 trillion SHIB worth $99 million between unknown wallets. The motive behind this massive transfer is currently unknown, but the status of the exchange suggests that it is a redistribution through a massive exchange of SHIB whales or cryptocurrencies. At the time of writing, the return address “0x4221” It holds a SHIB worth $185.9 million, while the address of the recipient “0x633b” She owns SHIB worth $101.88 million.
The price of the Shiba Inu is currently trading at $0.00002545 USD and has risen by 7% in the last 24 hours. The buying momentum has now resumed, pushing the RSI to bounce from around 33 to 69 in the past few hours. However, the decline in whale transaction activity is a major trend to watch.
Featured image from Pixabay, chart from TradingView
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