Doggy-themed meme coin, Shiba Inu (SHIB) could be on the verge of a major market downturn as recent data reveals a major crash in the cryptocurrency’s whale transaction volume. This sharp decline in whale activity could have far-reaching implications for its price outlook, hinting at a possible decline.

Shiba Inu Whale Transaction Plunge To Shocking Lows

New data from IntoTheBlock has disclosed a significant drop in large volume Shiba Inu transfers, typically made by “Whales,” individuals known for executing large-scale crypto transactions. On October 1, Shiba Inu’s large transaction volume surged to 8.27 trillion, reflecting a positive increase in investors’ sentiment towards the meme coin. 

Currently, these transactions have crashed to shocking lows of around 1.39 trillion, marking a massive 83.2% decline. In USD terms, IntoTheBlock shows that large transaction volumes increased to $135.84 million but have declined to $25.2 million. The decrease in this Shiba Inu metric suggests a possible shift in investors’ confidence from earlier last month, when the price of Shiba Inu had increased to about $0.00002. 

SHIB is currently losing momentum compared to other meme coins like Dogecoin, as whales are showing less interest in engaging in trading and transactions. According to IntoTheBlock’s data, whale activity has seen a steady decline, with large transaction volumes dropping from 5.55 trillion on October 2, to 2.62 trillion on October 3, and then 1.6 trillion on October 6. This means that in just a wee

Go to Source to See Full Article
Author: Scott Matherson