Behind the scenes, a concerning pattern started to manifest in the Shiba Inu token (SHIB), as important measures indicating the activities of the major players—known as whales in the cryptocurrency world—saw a sharp decline in value.
The amount of big transactions of the well-known meme cryptocurrency dropped 42.86% to 3.56 trillion SHIB during the course of the last day, according to on-chain statistics from IntoTheBlock. The amount of transactions with a minimum size of $100,000 decreased from $162.45 million to $91.87 million, which represents the loss in monetary terms. During the review period, there were 201 transactions of this type in total.
Shiba Inu whale activity has significantly decreased, as evidenced by a decline in both outflows and inflows to wallets holding at least 0.1% of the popular meme cryptocurrency’s total supply. As a result, inflows to wallets of this size dropped seven times over night, amounting to just 501.2 billion SHIB, based on the Large Holders Inflow indicator.
Similar results were seen for outflows, when the amount dropped to 499.54 billion SHIB, an 86% decrease from the previous day.
Shiba Inu (SHIB) price outlook
The decline in activity of the biggest SHIB players happened in the midst of the second-largest meme cryptocurrency’s uninspired price behaviour. As a result, following the over 400% price spike in March, the Shiba Inu token price evidently printed its fourth lower high on the daily chart.
This action is hardly encouraging, and the SHIB price chart’s image, while evidently indicating a reduction in volatility, does not portend a recurrence of the previous month’s successes anytime soon. That is, unless the price of the Shiba Inu token breaks both the previous high from early April and the high from March.
Given that whale behaviour plays a crucial role in this cycle of liquidity and trend changes, the decrease in whale activity further strengthens the case for this.
