Recent on-chain metrics indicate a notable 15% decrease in Shiba Inu’s large transactions, potentially impacting the token’s market dynamics and its near-future price trajectory. Today, the price of Shiba Inu has increased by 4%, trading at $0.0000235.
SHIB Whales Disappear
A slight increase of 0.32% in this metric shows a small rise in the number of new addresses created on the SHIB network. However, this increase seems to reflect a limited momentum boost and could generally indicate a growing interest. Yet, it has a limited effect in creating new momentum.
The “in the money” metric displays a neutrality rate of 0.30%, representing addresses that are currently profitable compared to SHIB’s purchase price. This neutrality should be considered as it shows a balance between bullish and bearish tendencies among investors, potentially indicating a holding pattern.
A slight increase of 0.04% in density suggests a small increase in token assets among top SHIB addresses. This could be interpreted as a subtle bullish signal, implying that some major holders might be increasing their stakes or fewer addresses are accumulating more SHIB.
Decline in Transactions Over $100,000
Particularly significant is the 15.66% decrease in large transactions over $100,000. This decline indicates a reduction in activities by market-influencing whales, pointing to a lower confidence level among larger investors or a shift towards less conspicuous transactions.
Currently, SHIB is consolidating within a narrowing price range, signaling an impending increase in volatility. The decrease in whale transactions could temporarily stabilize the price, but the consolidation phase suggests a potential breakout. The direction of this breakout will likely depend more on the broader market than on SHIB, the world’s second meme coin. Therefore, it remains beneficial to closely monitor this metric.
