U.Today - In a surprising development, is witnessing a notable decline in whale activity, with large holders and traders scaling back their involvement by a significant 86.88%.
On-chain data from reveals a drop in substantial SHIB transactions over the last 24 hours, decreasing from 5.75 trillion tokens to 753.96 billion tokens — a drop equivalent to $49.23 million. Notably, these figures only include transactions exceeding $100,000 in Shiba Inu tokens, totaling 21 transactions within the specified time frame.
Source: Delving deeper into the Shiba Inu ecosystem, the trend extends to the movements of wallets of large holders. During the observed period, wallets holding at least 0.1% of the total SHIB volume received 100.74 billion tokens, while a significant 98.72 billion SHIB were transferred out. This marks a 97.9% reduction in inflows and a substantial 79.5% decrease in outflows, contributing to the uncertainty surrounding the situation.
Cautious approach
This decline in whale activity coincides with notable price action in the token. Following a 21% crash on Jan. 3, SHIB experienced a 22.5% rebound, entering a period of accumulation in a downtrend amid fading volatility.SHIB to USD by Analyzing the chart reveals a consistent pattern of lower highs over the past four days, paired with steady lows around $0.0000095 per token. The market is speculating about imminent price action, but the direction remains uncertain.
Whales seem to be adopting a cautious approach amid the confusion in quotes and the broader crypto market. With the impending decision on the spot Bitcoin ETF (TSX:EBIT) expected by Wednesday, major players are anticipated to reassess their positions once the market's trajectory becomes clearer.