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The cryptocurrency market is seeing a decrease in whale activity for the dog-themed token Shiba Inu (SHIB). On-chain data from IntoTheBlock shows a 56.78% drop in large transaction volume, indicating whale activity in the past 24 hours.
The SHIB price is looking for clear direction on a volatile market. The crypto market has seen whipsaw price movement in the past week as investors speculated on the Fed's future path concerning rate cuts.
The crypto market is currently extending its downward trend, with crypto assets beginning the week on a gloomy note and several tokens declining at press time. Shiba Inu is likewise experiencing volatility as it seeks a steady course. At the time of writing, SHIB had dropped 4.95% in the previous 24 hours to $0.00001984.
As Shiba Inu seeks direction on the market, the substantial drop in whale activity also seems to be contributing to a period of uncertainty for SHIB.
The reasons for the decrease in SHIB whale activity might be varied, however, the specific explanation is unknown. The broader cryptocurrency market has been experiencing volatility, which may have prompted whales to stay on the sidelines.
The current profit-taking on the market might also have resulted in reduced positions and less market activity for whales. With little activity from large holders, or whales, smaller investors are left to evaluate the potential consequences, with many waiting for clearer signs before making significant moves.
The current market drop has brought SHIB closer to major support located in the range between $0.000014 and $0.000019, where 471.54 trillion SHIB were bought by 83,670 addresses, according to IntoTheBlock on-chain data. The Shiba Inu community is closely monitoring developments, looking for signals that could indicate the next phase for the SHIB price.