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💥 7 Trillion Shiba Inu (SHIB) Turn Into 749 Billion: Here's What Happened
The whale-tier transactions of Shiba Inu has been an important indicator for the asset's health and market activity. However, as we are seeing now, the 24-hour large transactions volume has plummeted below 1 trillion tokens, while showing 7.49 trillion earlier this week.
The quantity of large transactions involving Shiba Inu has sharply decreased, according to recent on-chain data from IntoTheBlock. Just 45 large transactions were made in the last 24 hours, a dramatic decrease from the seven-day high of 285 transactions on June 18.
A sharp decline in the volume of transactions occurs concurrently with this decrease in the overall number of transactions, from a peak of 7.68 trillion SHIB earlier this week to just 747.97 billion SHIB in the last 24 hours. The large transaction volume indicates the total amount of SHIB moved in these transactions.
This decline is concerning because it points to a significant drop in the activity of whale investors who are frequently considered the primary driver of noteworthy market movements. This decline may be the result of multiple factors. First, big investors may be less interested in Shiba Inu as a result of a general decline in market sentiment.
As the Shiba Inu chart indicates, the price of the asset is plunging beneath key moving averages and it looks like a trend to head for the token. The poor trading activity is reflected by the drop of RSI within the "oversold" area on a relatively low volume. Moreover, the rate is shifting beneath long-term shifting averages like 200 and 100, which is a sign of a sturdy bearish sentiment.
Many ramifications may arise for the Shiba Inu market as a result of the decreased large transaction volume. SHIB's liquidity may suffer from fewer large transactions, which would increase its sensitivity to price volatility. A further drop in the price of SHIB could result from the lack of substantial buying activity from whale investors since there will be less selling pressure.
$SHIB #SHIB
The whale-tier transactions of Shiba Inu has been an important indicator for the asset's health and market activity. However, as we are seeing now, the 24-hour large transactions volume has plummeted below 1 trillion tokens, while showing 7.49 trillion earlier this week.
The quantity of large transactions involving Shiba Inu has sharply decreased, according to recent on-chain data from IntoTheBlock. Just 45 large transactions were made in the last 24 hours, a dramatic decrease from the seven-day high of 285 transactions on June 18.
A sharp decline in the volume of transactions occurs concurrently with this decrease in the overall number of transactions, from a peak of 7.68 trillion SHIB earlier this week to just 747.97 billion SHIB in the last 24 hours. The large transaction volume indicates the total amount of SHIB moved in these transactions.
This decline is concerning because it points to a significant drop in the activity of whale investors who are frequently considered the primary driver of noteworthy market movements. This decline may be the result of multiple factors. First, big investors may be less interested in Shiba Inu as a result of a general decline in market sentiment.
As the Shiba Inu chart indicates, the price of the asset is plunging beneath key moving averages and it looks like a trend to head for the token. The poor trading activity is reflected by the drop of RSI within the "oversold" area on a relatively low volume. Moreover, the rate is shifting beneath long-term shifting averages like 200 and 100, which is a sign of a sturdy bearish sentiment.
Many ramifications may arise for the Shiba Inu market as a result of the decreased large transaction volume. SHIB's liquidity may suffer from fewer large transactions, which would increase its sensitivity to price volatility. A further drop in the price of SHIB could result from the lack of substantial buying activity from whale investors since there will be less selling pressure.
$SHIB #SHIB
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Binance Square #TrendingTopic Challenge: Win Swag & Have Your Articles Featured!
Starting January 16, the top three creators each week who post the best trending topic content on Binance Square will be rewarded with exclusive swag! Standout article submissions will also be spotlighted on our ‘Trending Articles’ page!
Here are Today's Trending Topics for March 12:
This post will be updated daily from Mon-Fri at 07:00 UTC with the latest trending topics and content guidelines to help spark your creative ideas.
Activity Period: Every Tuesday from 07:00 (UTC) to 07:00 (UTC) the following Tuesday, until March 12 2024 at 23:59 (UTC).
How to Participate
Login to your Binance account, and go to Binance Square.Publish content pieces (i.e, posts/articles) that include the #TrendingTopic hashtag and at least 200 characters.
Rules:
Multiple submissions are allowed, but each eligible creator is only entitled to 1 reward per week.Content pieces must reflect originality, insightful sharings, and real-time narratives.Creators are required to make a total of three posts weekly: one for the #TrendingTopic and two additional posts on any other days of the week.
Terms and Conditions:
This campaign may not be available in your region.Submissions will be evaluated by a panel from the Binance Square team, based on topic relevance, formatting, research quality, factual sourcing, and originality. Content must also align with Campaign Rules.Winners will be announced via the Binance Square Official Account before next Friday.Winners of the week will be notified via Square Assistant push before next Friday.Winners will receive a random Binance merchandise as part of their rewards. Only Articles will be featured on our Trending Articles page.Entries by Media & Project partners will not be considered for this campaign.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this campaign, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.
Here are Today's Trending Topics for March 12:
This post will be updated daily from Mon-Fri at 07:00 UTC with the latest trending topics and content guidelines to help spark your creative ideas.
Activity Period: Every Tuesday from 07:00 (UTC) to 07:00 (UTC) the following Tuesday, until March 12 2024 at 23:59 (UTC).
How to Participate
Login to your Binance account, and go to Binance Square.Publish content pieces (i.e, posts/articles) that include the #TrendingTopic hashtag and at least 200 characters.
Rules:
Multiple submissions are allowed, but each eligible creator is only entitled to 1 reward per week.Content pieces must reflect originality, insightful sharings, and real-time narratives.Creators are required to make a total of three posts weekly: one for the #TrendingTopic and two additional posts on any other days of the week.
Terms and Conditions:
This campaign may not be available in your region.Submissions will be evaluated by a panel from the Binance Square team, based on topic relevance, formatting, research quality, factual sourcing, and originality. Content must also align with Campaign Rules.Winners will be announced via the Binance Square Official Account before next Friday.Winners of the week will be notified via Square Assistant push before next Friday.Winners will receive a random Binance merchandise as part of their rewards. Only Articles will be featured on our Trending Articles page.Entries by Media & Project partners will not be considered for this campaign.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this campaign, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.
LIVESmartMoney Onchain
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Lookonchain's data shows that a whale is long on ETH by using revolving loans. The whale withdrew 8,000 ETH ($32.3M) from Binance, deposited it into Maker through another address, and borrowed 21.7M DAI. They then swapped 21.7M DAI for 21.7M USDC and deposited it back into Binance to buy more ETH.
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