Shiba Inu’s price action in the past seven days has been marked by a decline from $0.00001514, struggling to keep up an upward momentum. After briefly touching $0.00001514 on April 26 following Bitcoin’s rally, SHIB has since pulled back and is currently hovering near $0.0000132. This decline reflects a broader hesitation among Shiba Inu traders in the past week, even as Bitcoin, the market leader, looks poised to break above $95,000.
As the Shiba Inu price continues to move with a lacklustre movement, recent on-chain data reveals a notable trend in whale activity that could be influencing this movement.
Large Transaction Volume Slumps To Lowest In Seven Days
According to on-chain analytics platform IntoTheBlock, Shiba Inu’s large transaction volume has dropped to its lowest point in the past week. This data is revealed through IntoTheBlock’s Large Transactions Volume metric, which tracks the number and volume of large transactions within a 24-hour period.
According to this data metric, the volume of large Shiba Inu transactions comes up to just 1.79 trillion SHIB tokens in the last 24 hours, with just 34 transactions. In terms of valuation, this volume comes up to $23.66 million.
Importantly, the low large SHIB transactions in the past 24 hours are not an isolated event. The broader trend over the past week shows consistently subdued whale activity. The most active day in the last seven-day period was on April 25, when 109 large transactions pushed the volume up to 2.93 trillion SHIB tokens, worth about $41.41 million. Even then, the volume was below $50 million. Since then, activity has steadily declined, with no single day crossing the $50 million mark.
Low SHIB Whale Activity: Price Exhaustion Or Calm Before A Move
Large transactions, typically involving transfers worth over $100,000, are helpful in understanding institutional or whale activity surrounding a cryptocurrency. As such, the current Shiba Inu large transaction numbers suggest that major holders are currently showing reduced appetite for movement, either in accumulation or distribution.
To fully grasp the current slowdown, it’s helpful to compare it with past periods of heightened activity. On January 7, Shiba Inu’s large transaction volume spiked to 34.42 trillion SHIB tokens, translating to approximately $751.22 million in total value. The contrast between that surge and today’s subdued activity, which sits at just 1.79 trillion SHIB ($23.66 million), illustrates the vast difference in market sentiment and engagement.
Furthermore, the current numbers reflect an indecision among large Shiba Inu holders, many of whom could be holding off on significant moves until there’s a clearer price direction. Speaking of clearer price direction, an interesting technical outlook suggests that the Shiba Inu price might be gearing up for a 1,479% increase. Particularly, the analyst predicted that the Shiba Inu price could reach as high as $0.000220, which would place it at new all-time highs.
At the time of writing, Shiba Inu is trading at $0.00001332.
Featured image from Adobe Stock, chart from Tradingview.com
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