Are Shiba Inu whales disappearing? Large SHIB transactions plummet

Recent Shiba Inu on-chain metrics show a sharp shift in the market landscape, with a 15% decline in large transactions. This change has significant implications for the token’s market dynamics and potentially its price trajectory in the near term. future.

This metric, showing a slight increase of 0.32%, indicates a marginal increase in the number of new addresses being created on the SHIB network. While this is generally a bullish signal suggesting growing interest or new market entrants, the minimal rise reflects limited new momentum.

The “In the Money” metric, showing a neutral 0.30%, represents addresses that are currently profitable based on the SHIB purchase price. This neutrality means a balance between bullish and bearish sentiment among holders, potentially indicating a holding pattern among investors.

A slight 0.04% increase in concentration suggests a smaller increase in token holdings of major SHIB addresses. This could be seen as a subtle bullish signal, implying that some larger holders are possibly increasing their bets, or that fewer addresses are accumulating more SHIB.

Particularly significant is the 15.66% drop in large transactions over $100,000. This decrease often indicates lower activity by whales, which are usually able to influence the market with their large orders. This reduction could imply a lower level of confidence among large investors, or a change in strategy towards smaller, less noticeable transactions.

Currently, SHIB is consolidating within a narrowing price range, suggesting an imminent increase in volatility. The decline in whale trading could reduce significant selling or buying, potentially stabilizing the price temporarily. However, the consolidation phase suggests that a breakout could be approaching. The direction of this breakout will likely depend on the rest of the market, rather than SHIB specifically, so we will have to wait and see.