Over the past year, the landscape of meme coins has undergone an incredible shift, yet large-cap favorites such as Dogecoin (DOGE) and Shiba Inu (SHIB) have managed to retain their prominence. The Shiba Inu token, in particular, has captured attention with an impressive surge of about 65% in value over the past year.
Despite this growth, the current volatile environment hasn’t left any large-cap meme tokens, including Shiba Inu, untouched. We’ve seen significant corrections and stagnant sideways trends plaguing the market over recent months. With large-scale investors apparently pulling away, this challenging landscape might persist longer than one might hope.
### Notable Decline in $1 Million SHIB Transactions
Highlighting this situation, well-known crypto analyst Ali Martinez shared insights on the X platform, pointing out a decrease in activity among the major Shiba Inu investors over the last three months. The data, derived from Santiment’s Whale Transaction Count metric, tracks SHIB transactions exceeding $1 million, offering a lens into the actions of these so-called ‘whales.’
In the cryptocurrency world, “whales” are those individuals or entities holding vast quantities of a particular token—in this case, Shiba Inu. Their buying and selling maneuvers can substantially influence SHIB’s price, creating waves of speculation and potentially altering market dynamics.
A glance at the figures reveals a notable 79% drop in whale activity on the Shiba Inu network, hinting at a shift in the sentiment of these major investors. When whales begin to lose interest or confidence, it often signifies a potential transition towards other opportunities.
The recent price movements of Shiba Inu reinforce this view. A persistent downturn in large transactions typically parallels declines in value and sporadic sideways shifts. For Shiba Inu to recover from its current market lull, renewed whale activity on the network is crucial.
### Current Shiba Inu Price Landscape
Presently, the SHIB token is trading at approximately $0.0000156, enjoying an almost 3% rise from the previous day. Despite stabilizing around the $0.000015 level throughout most of February, the meme coin struggles to rebound from a previous dip toward $0.000012 earlier this month.
CoinGecko’s data paints a broader picture: Shiba Inu, the second most significant meme coin, is down by more than 20% over the past month. Furthermore, over the past three months, its price has contracted by nearly 50%.
