Unexpectedly, whale activity for Shiba Inu (SHIB) is declining, with substantial holders and dealers reducing their participation by a noteworthy 86.88%.
According to IntoTheBlock’s on-chain statistics, there has been a significant decrease in SHIB transactions over the past day, from 5.75 trillion tokens to 753.96 billion tokens, or a decline of $49.23 million. Interestingly, these numbers only cover Shiba Inu token sales surpassing $100,000, for a total of 21 transactions throughout the designated period.
As one delves more into the Shiba Inu ecosystem, one finds that the tendency also extends to the wallet movements of major holders. A noteworthy 98.72 billion SHIB were moved out during the examined period, while wallets holding at least 0.1% of the overall SHIB volume got 100.74 billion tokens. This is a significant 79.5% decline in outflows and a 97.9% fall in inflows, adding to the situation’s instability.
Cautious approach
There has been a noticeable decrease in whale activity in tandem with the Shiba Inu token’s price movement. After plunging 21% on January 3, SHIB recovered 22.5%, starting an accumulation phase in a downward trend with decreasing volatility.
The SHIB price chart analysis shows that throughout the last four days, there has been a continuous trend of lower highs accompanied by stable lows of about $0.0000095 per token. Though the direction of the impending price action is yet unknown, the market is speculating.
Given the turbulence in SHIB prices and the wider cryptocurrency market, whales appear to be taking a more cautious stance. A clearer picture of the market’s trend is expected to prompt big participants to reevaluate their positions, with the spot Bitcoin ETF decision expected by Wednesday.
