The activity in the cryptocurrency markets points to important developments that particularly concern the Shiba Inu (SHIB) community. While the bulls are struggling to push the SHIB price higher, Shiba Inu whales appear to have entered a certain period of decline. According to data presented by IntoTheBlock, there has been a significant decrease in the total amount of daily transactions taking place between Shiba Inu whales.
Over the last 24 hours, Shiba Inu’s massive trading volume dropped by 64.92% to $62.58 million, making it equivalent to $7.09 trillion SHIB for the cryptocurrency SHIB. This represents a sharp decline from 20.2 trillion SHIB on January 24 to 7.09 trillion SHIB on January 25.
In the cryptocurrency world, large trading volume is often an important indicator that reflects the activity of major players in the market. Such a decline may indicate a certain imbalance or uncertainty in trading activity among whales. Whales are investors who hold large amounts of cryptocurrencies and have a significant impact on the market.
In summary, a large decline in trading volume may indicate that the whales have taken a passive stance for a while or are waiting.
The apparent decline in whale trading coincides with the SHIB price starting to reach a major price level. According to IntoTheBlock data, the next hurdle for SHIB lies between $0.000009 and $0.000013; Here, 228.97 trillion SHIB appears to have been purchased by 322,220 addresses at an average price of $0.000011.
In a positive development for the Shiba Inu ecosystem, Shiba Inu team member Lucie hinted that Shibarium is on the verge of taking a very important step beyond automatic cremations. This will benefit TVL, she explained. In other good news, Uphold announced a positive development for Topper users in Canada. Shiba Inu and other altcoins have been relisted on Topper.
You can follow the current price movement here.