Shiba Inu Whales Pull Back as Large Transactions Plummet
Things aren’t looking great for Shiba Inu right now—at least not behind the scenes. Data from IntoTheBlock shows an 88% drop in large SHIB transactions over the past day, sinking to just $23.36 million. That’s a steep fall from the $196 million recorded on June 16, and it’s got people wondering what’s next for the meme coin.
The broader crypto market is still a mess, with Bitcoin and others dragging everything down. But SHIB’s problem isn’t just price volatility. The real story might be in the on-chain activity, or rather, the lack of it. When big wallets (think $100,000 or more in SHIB) go quiet, it usually means the whales are sitting this one out.
Whales Aren’t Biting—At Least Not Yet
Normally, you’d expect big investors to scoop up more tokens when prices dip. But this time? Not so much. The numbers suggest whale activity has slowed to a crawl, which could mean fading confidence—or maybe just hesitation. It’s hard to say for sure.
Then again, SHIB’s price hasn’t completely collapsed. In fact, it’s up slightly (0.75%) in the last 24 hours, hovering around $0.00001170. That’s… odd, given the drop in large transactions. Usually, when whale activity dries up, prices follow. But here we are.
What’s Next for SHIB?
The bigger question is whether this is just a pause or something more serious. SHIB had a decent run last month, but the current market slump is testing everyone’s patience. If whales aren’t buying, it’s hard to see where the next big push will come from.
Then again, meme coins have a habit of defying logic. Maybe retail traders will step in. Or maybe this is just a temporary lull before things pick up again. For now, though, the lack of big moves suggests caution is winning out.
One thing’s clear: SHIB holders are watching closely. Whether that turns into another rally or more sideways movement is anyone’s guess.
