In a recent report, data from IntoTheBlock revealed a significant decline in trading volumes for the major meme-inspired cryptocurrency Shiba Inu (SHIB).
Over the past 48 hours, the volume of these transactions, which are characterized by transfers exceeding $100,000, has decreased by a staggering 83.77%. This drop goes from 11.65 trillion SHIB tokens to just 1.89 trillion SHIB tokens.
On the cash side, this decline was even more pronounced, falling 85.2% from $321.63 million to $47.69 million. Shiba Inu prices themselves fell by 2.4% during this time.
The number of large transactions also decreased significantly, from 584 to just 99 over a two-day period.
Large transactions often represent the actions of whales and institutional players in the market. The decline in these transactions represents a significant decline in activity of these major players in the Shiba Inu ecosystem.
Price forecast for Shiba Inu (SHIB).
Apparently, whale activity decreased with SHIB, which is considered a negative but its cause may not be. It is known that large players tend to take positions during market periods and on fixed price charts.
Over the past month and a half, SHIB's price has reduced volatility significantly, trading mainly sideways. However, Shiba Inu prices are recording increasingly high lows, indicating an upward trend. This can be considered a positive sign.
In this context, it can be considered that whales have finished accumulating SHIB and that some major moves are imminent for the token. It remains to be seen whether this movement will be upward or downward.
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