Shiba Inu whale-level transactions have been a major indicator of the asset’s market health and activity. However, as we are seeing now, the large 24-hour trading volume has plummeted below 1 billion tokens, while earlier this week it was showing 7.49 billion, indicating a dangerous situation. trend.
Shiba Inu whale-level transactions have been a major indicator of the asset’s market health and activity. However, as we are seeing now, the large 24-hour trading volume has plummeted below 1 billion tokens, while earlier this week it was showing 7.49 billion, indicating a dangerous situation. trend.
The number of large transactions involving Shiba Inu has decreased dramatically, according to recent on-chain data from IntoTheBlock. Only 45 major transactions were made in the last 24 hours, a dramatic decrease from the seven-day high of 285 transactions on June 18.
Concomitant with this decline in the total number of transactions is a sharp drop in transaction volume, from a high of 7.68 trillion SHIB earlier this week to just 747.97 billion SHIB in the last 24 hours. . The large transaction volume indicates the total amount of SHIB moved in these transactions.
Vladislav SopovThis decline is concerning because it points to a significant drop in activity from whale investors, who are often considered the primary driver of notable market moves. This decrease may be the result of multiple factors. First, large investors may be less interested in Shiba Inu as a result of a general drop in market sentiment.
Yuri MolchanAs the Shiba Inu chart indicates, the price of the asset is falling below the key moving averages and a trend appears to be heading towards the token. The poor trading activity is reflected by the RSI falling within the “oversold” zone with relatively low volume. Furthermore, the exchange rate is moving below the long-term moving averages such as 200 and 100, which is a sign of strong bearish sentiment.
Many ramifications may arise for the Shiba Inu market as a result of the decline in high transaction volume. SHIB’s liquidity may be affected by fewer large transactions, which would increase its sensitivity to price volatility. A further drop in SHIB price could be due to the lack of substantial buying activity by whale investors as there will be less support to resist selling pressure.
