While Shiba Inu ($SHIB) has seen an 8% price uptick in the last 24 hours, a significant drop in whale activity has raised concerns about the meme coinâs market trajectory.
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đ Whale Volume Plummets: What Happened?
According to on-chain analytics:
Large transactions ($100,000+): Down 73% in the last 24 hours.
Token volume: Fell from 21.23 trillion SHIB to 5.72 trillion SHIB.
USD value: Dropped from $493.66M to $145.37M, marking a 70% decline.
Over the past four days, whale transactions have crashed 81% from $784.79M, indicating a sharp decrease in large-holder engagement.
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Implications for $SHIBâs Price Dynamics:
Liquidity Concerns: Lower whale activity could mean reduced liquidity, leading to increased volatility.
Market Confidence: Declining whale participation might signal reduced confidence or exits by large holders.
Retail-Driven Rally: On-chain data from Santiment shows recent gains are primarily driven by retail investors, leaving $SHIB vulnerable without whale support.
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đ Notable Whale Movement:
A massive transfer of 4 trillion SHIB ($99M) between unknown wallets was flagged by Whale Alerts. The purpose of this transfer remains unclear but suggests potential redistribution or exchange activity.
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đ Current Market Snapshot:
Price: $0.00002545
24-Hour Change: +7%
RSI: Rebounding from 33 to 69, indicating renewed buying momentum.
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Whatâs Next for $SHIB?
While retail investors are fueling the current rally, the decline in whale transactions could impact long-term price stability. Watch for:
1ïžâŁ Key Support Levels: Can $SHIB maintain its upward trend above $0.00002500?
2ïžâŁ Whale Activity: A further decline could signal a bearish shift.
3ïžâŁ Market Sentiment: Monitor retail investor behavior, as they currently dominate the market.
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Verdict:
Shiba Inuâs short-term gains are encouraging, but the decline in whale activity is a red flag for sustained growth. Stay cautious, as reduced liquidity could lead to sharp price fluctuations.
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