Many players in the cryptocurrency market started to wonder what would happen next when the price of Shiba Inu (SHIB), a well-known cryptocurrency inspired by memes, increased by over 80% in only one week.
We can attempt to unearth some rules in this murky water, even if no one can provide a precise response to such a question because of the chaotic and unpredictable character of the bitcoin ecosystem. Data on the activities of the biggest investors, known as “whale investors,” for instance, might serve as a kind of guidance.
According to on-chain statistics from IntoTheBlock, whales have opted to lay low for now. It fell 400 billion to 1.51 trillion SHIB in the last day, according to the measure of Shiba Inu token inflows to wallets that contain at least 0.1% of the token supply.
This also holds true for outflows, which dropped by 210 billion tokens over the reviewed period to 1.3 trillion SHIB. As a result, the net flow value stays positive and the flow of cryptocurrency to whale wallets continues to be more incoming than exiting. On both sides, however, there has been a noticeable decline in activity.
Data on the number of significant transactions using the Shiba Inu token supports the same pattern. The data shows that transactions totalling at least $100,000 in SHIB equivalent decreased by a third over the previous day, reaching a daily turnover of $84.22 million, or 3.4 trillion tokens.
Even though it is still a significant amount greater than it was before to the crazy price pump that occurred earlier in November, it is evident that volumes are deflating when compared to the heights of that pump. This indicates that Shiba Inu whales no longer want to buy or trade SHIB; instead, they would rather sit on their hands.
