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

Shiba Inu whale transactions plummet, sparking market concerns.

Mon, 24 Jun 2024, 04:35 am UTC

Shiba Inu trades at the whale tier have been a key signal for the asset's overall health and the market's activity. On the other hand, the 24-hour major transactions volume has dropped below 1 trillion tokens, whereas it was 7.49 trillion earlier this week, indicating a potentially worrisome trend.

Sharp Decline in Major Shiba Inu Transactions Reflects Significant Drop in Volume

According to the most recent on-chain statistics from IntoTheBlock, the number of major transactions involving Shiba Inus has significantly decreased. Only 45 significant transactions occurred in the past twenty-four hours, a significant drop from the seven-day high of 285 transactions on June 18.

A steep loss in transaction volume occurs concurrently with this decrease in the overall number of transactions. The volume of transactions dropped from a peak of 7.68 trillion SHIB earlier this week to just 747.97 billion SHIB in the shortest period, just yesterday. The enormous transaction volume makes it possible to determine the total amount of SHIB that was moved through these transactions.

This decline is worrying because it indicates a large drop in the activity of whale investors, generally believed to be the primary driver of noteworthy market movements. It also points to a significant drop in trading activity. This decrease could be the result of several different things. For starters, a general drop in market mood may negatively impact the interest level of large investors in Shiba Inus.

Shiba Inu Price Slips Below Key Moving Averages Amidst Weak Trading Activity

According to the Shiba Inu chart, the asset's price is falling below significant moving averages, and the token appears to be heading toward a favorable trend. The relative strength index (RSI) decline within the "oversold" sector on a relatively low volume reflects today's weak trading activity. Furthermore, the rate is below long-term moving averages such as 200 and 100, indicating a strong pessimistic mood toward the market.

The Shiba Inu market may have many repercussions due to the reduced volume of transactions. With fewer large transactions, SHIB's liquidity may be negatively impacted, making the cryptocurrency more susceptible to price fluctuations. As a result of the lack of major buying activity from whale investors, the price of SHIB may continue to fall. This is because there will be less support to withstand selling pressure brought on by the lack of buying activity.

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