According to U.Today, the Shiba Inu (SHIB) token is experiencing a significant decrease in whale activity, as indicated by a 56.78% drop in large transaction volume in the past 24 hours, according to on-chain data from IntoTheBlock. This decrease in activity from large holders, or 'whales', is contributing to a period of uncertainty for the dog-themed cryptocurrency. The reasons for this decrease are not clear, but the broader volatility in the cryptocurrency market may have prompted whales to hold back.
The current profit-taking trend in the market could also be a factor, resulting in reduced positions and less market activity for these large investors. With this decrease in activity from whales, smaller investors are left to assess the potential impact, with many waiting for clearer signs before making significant moves.
The Shiba Inu token has also been affected by the broader downward trend in the crypto market, with the token's price dropping 4.95% in the past 24 hours to $0.00001984. This drop has brought SHIB closer to major support located in the range between $0.000014 and $0.000019, where 471.54 trillion SHIB were bought by 83,670 addresses, according to IntoTheBlock on-chain data. The Shiba Inu community is closely monitoring these developments, looking for signals that could indicate the next phase for the SHIB price.