Shiba Inu’s large transaction volume currently paints a bearish picture for the second-largest meme coin by market cap, have recorded a significant crash. This has raised concerns that the whales may be losing confidence in the meme coin’s potential, a development that could impact SHIB’s future trajectory significantly. 

Shiba Inu’s Large Transaction Volume Crashes 35%

IntoTheBlock data shows that Shiba Inu’s large transaction volume has crashed by 35%, with 1.41 trillion SHIB traded in the last 24 hours as against the 2.19 trillion SHIB traded the previous day. This also represents a significant drop from the 7-day high of 4.35 trillion SHIB, which was traded on February 7. 

This development is significant as it suggests that fatigue may be setting in for SHIB whales, who are reducing the rate at which they accumulate Shiba Inu. This paints a bearish picture for the meme coin, considering how these whales impact the price action. Moreover, buyer fatigue could cause SHIB to lose crucial support levels as sell pressure overwhelms the meme coin.  

Besides the drop in large transaction volumes, ‘Net Network Growth’ is another on-chain metric that paints a bearish picture for Shiba Inu. There has been a drop in the rate at which new users adopt the meme coin, which is bearish for SHIB’s price. A lack of new investors means there is less room for the meme coin to grow. 

It is also worth mentioning that 52% of Shiba Inu holders are currently out of the money, which is also bearish for the meme coin. SHIB could face a wave of sell-offs from these holders as they look to cut their losses. 

Shiba Inu has underperformed since the start of the year, which is undoubtedly a cause for concern for these holders. The meme coin currently boasts a year-to-date (YTD) loss of over 22% and has been one of the coins greatly impacted by this market downtrend. 

SHIB’s Big Move Still In Play

Crypto analyst Javon Marks confirmed that a big move is still in play for Shiba Inu. In an X post, he stated that SHIB looks to be setting up in a large inverse Head and Shoulders pattern and can be finishing up its final shoulder now before putting on a notable performance. The analyst predicted that SHIB could enjoy a rally of over 399% and run to the $0.000081 target.

Meanwhile, crypto analyst Shib Spain remarked that Shiba Inu is about to bounce hard, indicating that a bullish reversal was on the horizon. His accompanying chart showed that SHIB could rally to $0.000036 as it makes this recovery. 

At the time of writing, the Shiba Inu price is trading at around $0.00001656, up over 6% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com

In a surprising development, NFT brand Doodles announced the launch of its official token, DOOD, on the Solana blockchain. In addition to Solana, Doodles has plans to bridge the DOOD token to the Base network.

Doodles To Launch DOOD on Solana

In a recent X post, Ethereum NFT brand Doodles introduced its official token, DOOD. As per the announcement, the DOOD token will initially launch on the Solana network, with future expansion plans to Ethereum’s Layer-2 Base.

Notably, Doodles is a collection of 10,000 generative NFTs minted on the Ethereum blockchain. According to the X post, Doodles is an “onchain, world-building collective, driving billions of views across our animations, short films, and partnerships with the biggest brands in the world.”

Reportedly, Doodles will roll out DOOD with a supply of 10 billion tokens. Out of the total supply, 68% will be allocated to the Doodles community. To be specific, the platform allocates 30% to the community and reserves 25% for its ecosystem fund. The remaining DOOD tokens will be distributed among the team (17%), “new blood” (13%), liquidity (10%), and the company (5%).

Scott Martin Steps in as New CEO

In late January 2025, Scott Martin took the reins as the new CEO of Doodles. He wrote, “We’re moving to a vision with a strong bias for risk, disruption, radical transparency and the authenticity that made us who we are in the first place.”

i am stepping in as CEO of doodles

we’re moving to a vision with a strong bias for risk, disruption, radical transparency and the authenticity that made us who we are in the first place

ideas transform societies. today, the disruptors come in many forms: NFTs rewriting… pic.twitter.com/Mk7G22vTMI

— burnt toast (@burnttoast) January 28, 2025

Recently, Martin narrated the platform’s journey, explaining their struggle to please crypto-native holders. He stated, “We’re trying to be a bed and a couch. And ultimately, it’s uncomfortable.”

Based on his statements, it appears that the DOOD token launch is Doodle’s effort to re-engage with the community after a series of unsuccessful projects. Martin cited Doodles’ partnership with Rubik’s Cube as a failed strategy, where selling digital wearables for avatars was a misguided move.

Calling attention to the DOOD launch, Martin posited that the token would hit the market initially as a memecoin. However, he intends not to call it a memecoin. He further added that DOOD would evolve into a “utility coin” powering a gamified Doodles ecosystem, once US securities laws are navigated. The US Securities and Exchange Commission (SEC) is currently considering an overhaul of crypto regulations. 

Doodle’s DOOD Follows Memecoin Frenzy

Notably, Doodle’s launch of DOOD coincides with the growing memecoin craze, amplified by the buzz around Donald Trump’s TRUMP token. Moreover, it also aligns with the rising memecoin trend in the NFT market, with Doodles joining popular projects like Pudgy Penguins and Azuki.

In December 2024, Pudgy Penguins launched its memecoin, PENGU, sparking widespread attention. Soon, the PENGU token skyrocketed in value, yielding substantial profits for investors. Similarly, in January 2025, Azuki announced the launch of its cryptocurrency, ANIME.

✓ Share:

Nynu V Jamal

Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.