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According to IntoTheBlock data, dog-themed cryptocurrency Shiba Inu is reporting 1.25 trillion SHIB in large transaction volume which provides an idea of the total amount transacted by whales and institutional players in a given day.
In contrast, this impressive figure represents a 16% decline in large transaction volume over the last 24 hours.
Shiba Inu's large transaction volume has seen a steady decline since Aug. 5 when it reached 9.02 trillion SHIB. A decline in this metric usually indicates a slowdown in activity among whales.
The 16% drop in the last 24 hours could suggest that these Shiba Inu large holders might be in a holding pattern, waiting for a clearer signal from the market before making their next move.
The current market sentiment may be prompting them to hold off until they see more definitive price action. This behavior often occurs during periods of uncertainty or when the market is at a crossroads, such as before a potential breakout or breakdown in price.
Shiba Inu whales anticipating breakout?
As the market awaits Shiba Inu's next major move, Shiba Inu whales might be holding their positions, waiting for the right moment to either capitalize on a price surge or minimize losses in the event of a downturn.
This anticipation can result in a period of lesser activity, as evidenced by the recent 16% drop in large transaction volume. This period of relative calm could be the precursor to major price action in the short term.
What's next for SHIB price?
Shiba Inu began to recover from a low of $0.0000107 on Aug. 5, following nine consecutive days of decline. The rebound reached highs of $0.0000144 on Aug. 8, before slightly retreating.
At the time of writing, SHIB was down 0.15% in the last 24 hours to $0.000014 and down 5.12% in the last seven days.
If the current rebound sustains, Shiba Inu may target its daily moving averages of 50 and 200, which are $0.00000164 and $0.0000203, respectively. Bears are likely to defend these key levels, as a break and close above here could pave the way for a rise to $0.000020 and ultimately $0.00003.
On the other hand, if the SHIB price falls from its current level, it may indicate that sentiment remains negative and traders are selling on rallies. The bears might aim to drive the SHIB price down to $0.000010.