Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening?
The post Just 1.9 Trillion SHIB in 24 Hours: What’s Really Happening? appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Over the past 24 hours, dog-themed cryptocurrency Shiba Inu (SHIB) has seen a significant drop in its large transaction volume, a metric denoting whale activity, sparking questions about what might be driving this slowdown. According to recent IntoTheBlock data, the volume of Shiba Inu large transactions, defined as those over $100,000, has dropped by 76.21% in the last 24 hours, amounting to just 1.9 trillion SHIB, or approximately $54.1 million in value. Shiba Inu Large Transactions Volume, Courtesy: IntoTheBlock Over the same 24-hour period, Shiba Inu’s price has dropped by 2.05%, now trading at $0.00002744. Additionally, its trading volume has dropped by 9.05%, amounting to $854 million per CoinMarketCap data. The drop in large transaction volume and trading activity might reflect the cautious sentiment in the market aligning with profit-taking. The crypto market rebounded in Wednesday’s trading session, and SHIB wasn’t left out. Shiba Inu declined for two consecutive days at the start of the week, hitting a low of $0.0000242 on Tuesday before recovering. Related SHIB’s price and volume drop might suggest the token is entering a consolidation phase following its recent price increase, which saw it reach highs of $0.0000334 on Dec. 8. A drop in large transactions amid the cool-off might occur as traders and investors hold off on significant moves. Recent price movements…
Filed under: News - @ December 14, 2024 3:26 pm