The popular Shiba Inu (SHIB) meme coin is seeing a major shift in the number of large transactions processed through its network, according to cryptanalysis firm IntoTheBlock.
IntoTheBlock defines large transactions as transfers greater than $100,000 and says the metric “acts as a proxy” for activity by institutional investors and high net worth individuals.
According to the analysis firm, the current Shiba Inu Large Transactions Momentum Gauge is down 3.08%, which it says is a bearish sign.
SHIB is trading at $0.000011 at the time of writing. The 15th-ranked crypto asset by market capitalization is down more than 1.70% in the last 24 hours and more than 15% in the last 30 days. Even with the recent correction, the Ethereum (ETH)-based memecoin is up 37.5% since early 2023.
IntoTheBlock also reports that the vast majority of SHIB holders remain underwater on their investments in the asset.
The information firm notes that only 30% of SHIB holders are making money at the asset’s current price, compared to 5% who are breaking even and 65% who are losing.
The firm also says that 67% of Shiba Inu holders have held their SHIB for more than a year, and 30% hold the main meme token for a period between one month and 12 months. The remaining 3% of SHIB keepers have had their Shiba Inu for less than a month.
Shiba Inu remains more than 87% below its all-time high of $0.00008616, which it reached in late October 2021.
Don’t miss a thing: sign up to receive crypto email alerts straight to your inbox
Check Price Action
follow us TwitterFacebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
Image generated: halfway
Featured image: Shutterstock/karnoff