The more expansive the price behavior of the popular meme-inspired cryptocurrencyShiba Inu (SHIB), the less extensive the behind-the-scenes action observed with the token in the on-chain space. First of all, this concerns the major players, called whales in the crypto space.

For example, according toIntoTheBlock, over the past two days, the net inflow of Shiba Inu tokens dropped from a daily total of 511.6 billion SHIB to an average of 132.21 billion SHIB. Surprisingly, this number was holding at 2.4 trillion SHIB until a week ago, and it seemed that there was still a bit more to go.

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However, this turned out to be the peak, and in the following days, these volumes dropped by another 94.5%. It is important to note that the sample included addresses that hold at least 0.1% of theShiba Inu token supply in circulation.

The statistics are further supported by data on large transactions - those with a volume of at least $100,000 in SHIB. During the reporting period, the number of such transactions decreased from 892 to 282, and the volume decreased from 21 trillion SHIB, or $624.98 million, to 3.69 trillion SHIB, or $88.7 million. This is an average decrease of 85.8%.

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Importantly, the decrease in activity by major players has taken volume away from SHIB trading, and as a result, we can say that the market for meme-inspired cryptocurrencies has thinned out. Perhaps this explains the high volatility of Shiba Inu token quotes. At the same time, it is also true that when the whales come back with volume, theSHIB price action should become smoother and clearer.

The crypto world was buzzing with news of a massive Shiba Inu (SHIB) transfer. An early investor, often referred to as a "whale" due to their substantial holdings, had moved a staggering 400 billion SHIB tokens to the Gemini exchange. This move sent shockwaves through the market, coinciding with a sharp 10% price drop in SHIB.

The Whale's Move:
The whale, known for their early adoption of SHIB, had amassed a significant fortune as the meme coin skyrocketed in value. Their decision to transfer such a large sum to Gemini, a popular cryptocurrency exchange, sparked speculation and concern among investors. Many wondered if this was a strategic move to cash out on their gains or a signal of impending market volatility.

Market Reaction:
The news of the whale's transfer quickly spread through online trading communities and news outlets. As investors digested the information, a wave of selling pressure hit the SHIB market. The price of SHIB plummeted by 10%, wiping out billions of dollars in market capitalization. Traders feared that the whale's sale could trigger further selling, leading to a more significant price decline.

Speculation and Uncertainty:
The crypto community was rife with speculation about the whale's motives. Some believed that the whale was simply taking profits after a significant price surge. Others feared that this was a sign of an impending market crash, with the whale acting as a leading indicator. The uncertainty surrounding the whale's actions created a sense of panic among investors, further exacerbating the price drop.

The Aftermath:
The 10% price drop in SHIB served as a stark reminder of the volatility of the cryptocurrency market. While some investors panicked and sold their holdings, others saw it as an opportunity to buy the dip at a lower price. The whale's move highlighted the significant influence that large investors can have on the market, emphasizing the importance of staying informed and making informed investment decisions.

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