- The price of SHIB has increased, but the number of new addresses is still small, reflecting the sluggish pace of the market.
- The decline in significant SHIB transactions may indicate a change in whale investment strategy.
For experienced investors as well as those new to the cryptocurrency space, the recent swings in Shiba Inu’s market dynamics indicate a crucial time. Major market participants have shown a startling 15% drop in big transactions involving Shiba Inu, according to on-chain analytics at IntotheBlock.
Market Dynamics: A Drop in SHIB Major TransactionsÂ
As of right now, SHIB is trading at $0.00002348, up 3.96% in the last 24 hours and a noteworthy 13.67% in the last week, according to CoinMarketCap.
In line with what ETHNews previously disclosed, the SHIB burn rate increased by over 4,000%, eliminating 81 million tokens from circulation and supposedly tightening supply just before this upward trend.
Even with the price rise, there hasn’t been much of an increase in new addresses on the SHIB network—0.32%. Though it does not yet point to a strong momentum that could spark a bigger rise, this growth does point to cautious but constant interest from new market participants.
Investor Sentiment: Emerging Holding PatternÂ
The “in the money” metric stays at 0.30%, evaluating the profitability of present token holders according to their purchase price. Investors may be in a holding pattern, waiting for more certain market signals before making big moves, as this neutrality indicates a balance of optimistic and negative attitudes.
The concentration of Shiba Inu tokens among top addresses has, interestingly, increased by a little 0.04%.
This, however small, may be seen as a subliminal indication that some of the bigger holders are either combining their holdings or that fewer addresses are starting to possess more tokens, which could indicate confidence among certain investors.
Especially instructive is the noteworthy 15.66% decline in big deals over $100,000. It implies a decline in whale activity, maybe a sign of a loss of confidence among these powerful market participants or a calculated move toward less noticeable, smaller transactions.