Whales left Shiba puppy behind and trade volume dropped to pre-pump levels
Following a major correction of the SHIB/USD trading pair since the ATH and the recently increased buying activity, whales have decided to drop the meme-powered token with a large transaction percentage going down and trading volumes reaching new lows.
Fewer transactions at whale level
According to the channel’s data, the percentage of large transactions on the Shiba Inu network has decreased by more than 7%, which is considered a significant decrease in the number of transactions.
The decrease in the number of transactions is usually considered a bad sign for relatively small cryptocurrencies. Large deals, also known as whale-level deals, are welcomed by communities as they are signals of positive market pull.
Whales, in contrast to retail traders, are the ones who change currently existing trends by making large transactions in favor of the coin’s price. As the SHIB has been steadily declining since the end of October, a high number of whale-level transactions was a positive sign.
The trading volume reaches a new low
In addition to reducing the number of large transactions, the trading volume on Binance has also reduced significantly and reached the “pre-pump” number of five trillion tokens moved in one day.
A significant drop in volume is linked to a decrease in interest in the memes-based token after losing almost 40% of its value from the previous ATH. Amid a cryptocurrency market correction in the last week, SHIB has not lost any of its value and has remained at the level of Nov. 8. Typically, the decline in the token price has slowed down, with the average daily volatility decreasing by around 10%.
