Shiba Inu Whale Transactions Dip from 7 Trillion to 748 Billion SHIB, Raising Market Concerns

Shiba Inu whale trading is a key signal of overall asset health and market activity. Meanwhile, 24-hour core trading volume has fallen below 1 trillion tokens, down from 7.49 trillion earlier this week, signaling a potentially worrying trend.

The sharp decline in the main trade of Shiba Inu reflects a significant drop in trade volume.

According to the latest on-chain statistics from IntoTheBlock, the number of major transactions involving Shiba Inu has dropped significantly, with only 45 significant transactions occurring in the past 24 hours, a significant drop from the previous seven-day high of 285 on June 18th.

The drop in total transactions has coincided with a sharp drop in transaction volume, which fell from a peak of 7.68 trillion SHIBs earlier this week to a record low of 747.97 billion SHIBs yesterday. Due to the sheer volume of transactions, we are able to determine the total amount of SHIBs that were moved through these transactions.

This drop is concerning as it indicates a significant decline in whale investor activity, which is generally believed to be the primary driver of notable market fluctuations. It also indicates a significant decline in trading activity. This decline could be the result of a few different factors. First, an overall decline in market mood could be negatively impacting the level of large investor interest in Shiba Inu.

Shiba Inu prices drop below major moving averages amid weak trading activity

According to the Shiba Inu chart, the asset price is below important moving averages and the token seems to be heading towards a favorable trend. The decline in the Relative Strength Index (RSI) within the “oversold” sector on relatively low trading volume reflects the weakness of trading activity today. Moreover, the rate is below long-term moving averages such as 200 and 100, indicating a strong pessimistic mood towards the market.

The decline in trading volume could have a number of repercussions for the SHIB market. Fewer large transactions could negatively impact SHIB’s liquidity, making the cryptocurrency more susceptible to price fluctuations. In the absence of large buying activity by whale investors, SHIB’s price may continue to fall, as there will be less support to withstand the selling pressure brought on by the lack of buying activity.

photograph: Microsoft Bing

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