The Meme Coin Market has seen significant changes over the past year, allowing large tokens like Dogecoin (Doge) and Shiba Inu (Shib) to stay at the forefront. Specifically, Shiv Token has experienced impressive growth, up about 65% over the past year.
However, the current uncertain climate is a massive token of memes including Shiba Inu, with deep corrections and sideways that have plagued most markets over the past two months. I am not spared. This dour’s state could last longer than expected as it appears that large investors are leaving the market at the moment.
Stable decline in SHIB transactions of $1 million
In a post on the X platform, popular Crypto analyst Ali Martinez revealed that Shiba Inu’s investor whale class has been getting too active in the past three months. This on-chain observation is based on Santiment’s whale transaction count metric and tracks the number of SHIB transactions over $1 million.
A whale refers to an entity or individual who holds a significant amount of a particular cryptocurrency (in this scenario, Shiba inu). Crypto whales are often seen as key players in the market as their buying and selling activities can have a significant impact on SHIB prices. This creates speculation and potential market changes.
According to Martinez, there is a DIP of 79% of Shibu whales’ activity on the Shiba Inu network, suggesting a possible change in investors’ emotions. A steady decline in whale activity often indicates a decline in trust or interest from key owners, particularly as they consider turning it into other assets.
As seen in the recent Shiba Inu price action, the sustained recession of large-scale whale trading is often associated with declining value and intermittent lateral movements. Therefore, if Shiba Inu prices recover from market slump, the activity of whales on the network should recover as quickly as possible.
Shiba inu price overview
At the time of this writing, the Siv Token is valued at around $0.0000156, reflecting a price increase of almost 3% over the past 24 hours. Shiba Inu appears to have consolidated the $0.000015 level for most of February, but Meme Coin has yet to fully recover from its recent plunge to $0.000012 earlier that month.
According to Coingecko data, the second largest memecoin has fallen by more than 20% over the last 30 days. Meanwhile, Shiba Inu prices have shrunk by nearly 50% in the past three months.
