u.today
The more expansive the price behavior of the popular meme-inspired cryptocurrency Shiba Inu (SHIB), the less extensive the behind-the-scenes action observed with the token in the on-chain space. First of all, this concerns the major players, called whales in the crypto space.
For example, according to IntoTheBlock, over the past two days, the net inflow of Shiba Inu tokens dropped from a daily total of 511.6 billion SHIB to an average of 132.21 billion SHIB. Surprisingly, this number was holding at 2.4 trillion SHIB until a week ago, and it seemed that there was still a bit more to go.
However, this turned out to be the peak, and in the following days, these volumes dropped by another 94.5%. It is important to note that the sample included addresses that hold at least 0.1% of the Shiba Inu token supply in circulation.
The statistics are further supported by data on large transactions - those with a volume of at least $100,000 in SHIB. During the reporting period, the number of such transactions decreased from 892 to 282, and the volume decreased from 21 trillion SHIB, or $624.98 million, to 3.69 trillion SHIB, or $88.7 million. This is an average decrease of 85.8%.
Importantly, the decrease in activity by major players has taken volume away from SHIB trading, and as a result, we can say that the market for meme-inspired cryptocurrencies has thinned out. Perhaps this explains the high volatility of Shiba Inu token quotes. At the same time, it is also true that when the whales come back with volume, the SHIB price action should become smoother and clearer.