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Shiba Inu Whales Disappearing? SHIB Large Transactions Plummet

source-logo  u.today 10 May 2024 13:12, UTC

Recent on-chain metrics for Shiba Inu paint a strong shift on the market landscape, with a 15% decrease in large transactions. This change has significant implications for the token’s market dynamics and potentially its price trajectory in the near future.

This metric, showing a slight 0.32% increase, indicates a marginal rise in the number of new addresses being created on the SHIB network. While this is generally a bullish signal suggesting growing interest or new entrants on the market, the minimal increase reflects limited fresh momentum.

SHIBUSDT

The "In the Money" metric, displaying a neutral 0.30%, represents addresses that are currently profitable based on the purchasing price of SHIB. This neutrality signifies a balance between bullish and bearish sentiment among holders, potentially indicating a holding pattern among investors.

A slight 0.04% increase in concentration suggests a minor rise in the token holdings of the top SHIB addresses. This could be viewed as a subtle bullish signal, implying that some larger holders are possibly increasing their stakes, or fewer addresses are accumulating more SHIB.

The 15.66% drop in large transactions over $100,000 is particularly significant. This decrease often signals reduced activity from whales, who are typically capable of swaying the market with their large orders. This reduction could imply a lower confidence level among larger investors, or a shift in strategy toward smaller, less noticeable transactions.

Currently, SHIB is consolidating within a narrowing price range, hinting at an impending volatility spike. The decrease in whale transactions could reduce significant sell-offs or buys, potentially stabilizing the price temporarily. However, the consolidation phase suggests that a breakout could be incoming. The direction of this breakout will likely depend on the rest of the market, rather than SHIB specifically, so we will have to wait and see.

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