Shiba Inu whales have been known to make their presence known during major market moves, and the recent price recovery was no different. In the last week, these large investors have been returning to the market in varying degrees to take advantage of the Shiba Inu price rise above $0.000017. However, there has been a turn in the tide as these large transaction volumes have suffered a notable decline in the space of one day.
Shiba Inu Whale Volumes Drop 49%
According to data from IntoTheBlock, Shiba Inu whale volumes have been rising steadily since the start of May. On May 12, it hit one of the highest levels for the month so far when the SHIB price touched $0.000017. In total, 6.35 trillion SHIB were moved in transactions carrying at least $100,000. This came out to a staggering $100 million in large transactions for the single day period. But this was short-lived as the direction changed rapidly.
By May 13, the large transaction volumes declined drastically as the transactions crashed by almost half. Large transaction volumes for the day came out to only 3.25 trillion SHIB, which is a 49% decline from the previous day’s numbers of 6.35 trillion SHIB. This brought the dollar figure to only $53.05 million.
This crash in the large transaction volumes coincided with the slowdown of the crypto market rally. The Shiba Inu price had seen a small retrace from $0.000017 to $0.000015 in the one-day period and the large transactions had fallen in response.
Given this, it suggests that these whale investors could’ve been moving so much SHIB at the time to sell. It would explain the sell pressure that pushed the SHIB price down, as well as the decline in the large transaction volumes, as they moved in favor of selling instead of buying.
SHIB Profitability Still Remains Low
The recent decline in the Shiba Inu price has also affected the profitability of its holders, as less than 50% are seeing a profit at current prices. With only 45% of all holders in the green, the majority of investors are still nursing losses. Currently, this figure stands at 50% of all SHIB holders being in the red right now, according to data from IntoTheBlock. This puts the remaining 5% of holders at breakeven, which means the coins were last moved at prices close to where SHIB is sitting right now.
Nevertheless, Shiba Inu continues to maintain its position behind Dogecoin as the second-largest meme coin in the space with a market cap of almost $9.5 billion at the time of writing. This puts it ahead of the likes of PEPE at $5.9 billion and TRUMP at $2.7 billion.
Featured image from Dall.E, chart from TradingView.com
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