Shiba Inu's large transaction volume has dropped to its lowest point in seven days, coinciding with a price decline from $0.00001514 to $0.0000132, according to data from cryptocurrency analytics platform IntoTheBlock. The meme token's struggle persists despite Bitcoin's push toward the $95,000 mark.
What to Know:
- Large Shiba Inu transactions have fallen to just 1.79 trillion tokens ($23.66 million) in the last 24 hours
- Current transaction volume represents a 95% decrease from January's peak of 34.42 trillion tokens ($751.22 million)
- Some analysts predict a potential 1,479% price increase to $0.000220, which would establish new all-time highs
The cryptocurrency, which briefly touched $0.00001514 on April 26 following Bitcoin's rally, has since retreated amid what analysts describe as "reduced appetite" among major holders. Daily transaction counts have fallen to just 34 large transfers, defined as movements exceeding $100,000 in value.
This marked decline in whale activity follows a consistent weekly pattern of subdued trading.
Even the most active day in the past week, April 25, saw only 109 large transactions totaling 2.93 trillion SHIB tokens valued at approximately $41.41 million.
"Large transactions typically indicate institutional or whale activity surrounding a cryptocurrency," said Marcus Thurston, cryptocurrency analyst at DigitalAssetInsight. "The current numbers suggest major holders are showing reduced appetite for movement, either in accumulation or distribution patterns."
Historical Comparison Highlights Trading Volume Collapse
The current transaction slowdown becomes particularly noteworthy when compared with historical activity peaks. On January 7, Shiba Inu's large transaction volume reached 34.42 trillion tokens, representing approximately $751.22 million in total value.
Today's volume of 1.79 trillion SHIB ($23.66 million) represents just 3.1% of that January peak, illustrating what market observers characterize as a significant shift in market sentiment and engagement.
Technical analysts suggest this period of reduced activity might precede a significant price movement. The pattern reflects what trading experts describe as indecision among large Shiba Inu holders, many of whom appear to be awaiting clearer price signals before making substantial moves.
The reluctance among whales to make significant transactions comes during a period when Bitcoin, the leading cryptocurrency by market capitalization, has demonstrated relative strength. While Bitcoin approaches the $95,000 level, Shiba Inu and several other altcoins have failed to match this upward momentum.
Market watchers note that transaction volume often serves as a leading indicator for price action in cryptocurrency markets. Reduced volumes typically precede major price movements in either direction, though the directionality remains difficult to predict.
Bullish Technical Outlook Despite Current Weakness
Despite the currently subdued transaction activity, some technical analysts maintain bullish outlooks for SHIB. One prominent prediction suggests Shiba Inu could experience a 1,479% price increase, potentially reaching $0.000220 and establishing new all-time highs. Such a dramatic price appreciation would significantly exceed the token's previous peak values and would likely require substantial increases in trading volume and broader market participation.
The current trading range remains constrained, however, with the token showing limited volatility compared to its historical patterns. This narrowing price action, combined with decreasing transaction volumes, suggests a potential buildup of market tension that could resolve in a significant price move.
For now, Shiba Inu continues trading at $0.00001332, representing a 12% decrease from its April 26 peak. The token maintains its position among the top 20 cryptocurrencies by market capitalization despite the recent price weakness.
Closing Thoughts
The dramatic decline in Shiba Inu's large transaction volume to its lowest point in seven days signals significant hesitation among major holders despite some bullish technical predictions. With current volumes down 95% from January peaks, market participants appear to be awaiting clearer directional signals before committing to substantial positions.