Shiba Inu: On-Chain Data Shows Disturbing Activity

Vignesh Karunanidhi
Shiba Inu Investors Struggle as Just 9% Remain Profitable
Source: Mid-Day

Shiba Inu (SHIB), a cryptocurrency that gained popularity due to its meme-inspired origins, has witnessed fluctuations in its price performance. However, the project has shown notable progress in terms of its utility and development efforts.

Distinguishing itself from other meme coins, Shiba Inu stands out by actively engaging in development projects and providing consistent updates to keep its community well-informed.

Unusual and concerning activity has been detected in the on-chain data of SHIB. Crypto intelligence portal IntoTheBlock has reported noteworthy behavior among large SHIB holders. Despite showing highly positive dynamics throughout the week, the trend experienced a sudden and significant shift starting on Friday, continuing throughout the weekend.

Notable drop in transaction volume by large Shiba Inu holders

There has been notable concern regarding a significant decline in transaction volume among large holders of SHIB. Earlier in the week, this volume had been increasing rapidly, reaching a staggering 150% or 1.5 trillion SHIB.

However, in recent days, there has been a sharp drop to less than 1 trillion, specifically 865 billion coins. To provide perspective, the number of transactions involving amounts exceeding $100,000 decreased from 74 to just 24.

Another noteworthy point is the netflow value of Shiba Inu coins, which has now turned negative. Outflows from the wallets of prominent investors have exceeded inflows, with 272.45 billion SHIB leaving these wallets compared to 195.98 billion entering.

According to CoinMarketCap data, Shiba Inu is trading at $0.0000079 at press time. SHIB is trading with no major volatility in the last 24 hours.