Over the last 24 hours large scale whale transactions have dropped sharply with less than one trillion SHIB trading in the hands of major investors.
The figure is far less than what SHIB was able to push through peaks recovering from, as the transaction volumes previously associated with Shiba Inu often rose into the trillions. The latest value, 925.79 billion SHIB, is far below the seven day high reached on Oct 18, 2024 of 3.22 trillion SHIB.
Shiba Inu Whale Activity Declines
The loss of whale activity could be a lost interest of major investors across the board. SHIB’s price movements are usually determined by large transactions, but this is a trend that could affect the price of coins. At press time, SHIB is $0.000018, but the market sentiment is neutral with exponential moving averages (EMAs).
SHIB’s short term performance is at risk in following the decline in whale transactions. And whale activity played a key role in pushing its price higher in the past. Reduced volume of large transactions implies that the momentum from major players is waning and that could set up a stage of inactivity, or possibly even a decline in price, unless market sentiment changes.
Rebound in whale activity as well as interest from the institutional investors is key for Shiba Inu for it to regain momentum. A resurgence of this kind could reignite the attention of the public and spur a price rise too. But if main investors don’t get out of SHIB themselves, the coin could drop further.
SHIB’s near term future is unclear as we stand. Signs of a cautious market can be seen from no notable whale participation. A reversal may occur if Shiba Inu price levels can be maintained during the present time and major attraction of investors is registered. If transaction volumes don’t pick up, they could continue to fall, too.
