According to crypto analyst Arman Shirinyan, after a major correction in ATH and Shiba Inu (SHIB) since the recent increased buying activity, whales decided to drop the meme coin as a large transaction percentage dropped and trading volumes hit new lows. gave.
Fewer whale-level transactions occurred on the Shiba Inu network
The analyst states that according to on-chain data, the percentage of large transactions on the Shiba Inu network has decreased by more than 7%, which is considered a significant decrease in the number of transactions. A decrease in the number of transactions is generally considered a bad sign for relatively small cryptocurrencies. On the other hand, large transactions, also known as whale-level transactions, are welcomed by the community as they are signals of positive market traction.
cryptocoin.com As you know from the news, whales, unlike individual traders, are people who change current trends by making big trades in favor of the price of cryptocurrencies. The analyst says the large number of whale-level transactions is a positive sign, as the SHIB has been steadily moving down since late October. The analyst shares the following information:
Along with reducing the number of large transactions, the trading volume on Binance has also decreased significantly, reaching the number of “front pumps” of five trillion tokens moved in one day.
According to the analyst, a significant volume drop is due to waning interest in the meme-based token after it lost almost 40% of its value relative to the previous ATH. In the midst of the cryptocurrency market correction last week, SHIB lost nothing of its value and remained at the November 8 level. The analyst states that overall, the token’s price decline has slowed, with average daily volatility decreasing by around 10%.
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