According to U.Today, a recent report from IntoTheBlock has shown a significant decrease in large transaction volumes for the meme-inspired cryptocurrency Shiba Inu (SHIB). Over the past 48 hours, the volume of these transactions, which are characterized by transfers exceeding $100,000 USD, has dropped by a substantial 83.77%. This decrease translates from 11.65 trillion SHIB tokens to just 1.89 trillion SHIB tokens. In monetary terms, this decline is even more pronounced, with a decrease of 85.2% from $321.63 million to $47.69 million. The price of Shiba Inu itself fell by 2.4% during this period.
The number of large transactions has also seen a dramatic decrease, falling from 584 to just 99 over the two-day period. Large transactions are typically indicative of the actions of whales and institutional players in the market. The decline in these transactions suggests a notable reduction in the activity of these major players within the Shiba Inu ecosystem.
Over the last month and a half, SHIB's price has shown significantly decreased volatility, trading mostly sideways. Despite this, the price of Shiba Inu has been registering higher and higher lows, demonstrating an uptrend. This can be seen as a positive sign. In this context, it could be considered that the whales have finished accumulating SHIB, and some big movement is on the horizon for the token. Whether this movement will be upward or downward remains to be seen.