Meme coin Shiba Inu is facing renewed downward pressure, with its price reflecting a decline in both the 24-hour and seven-day timeframes. Furthermore, on-chain data reveals a similar trend of a significant drop in large transactions, raising concerns about waning whale activity. The latest figures from IntoTheBlock show a sharp decline in both the number and volume of large transactions within the Shiba Inu ecosystem, which signals reduced investor confidence or temporary market stagnation in the coming days.

Shiba Inu Large Transactions Suffer 61% Crash

Recent data sourced from on-chain analytics platform IntoTheBlock opens up interesting dynamics among large addresses holding Shiba Inu. These interesting dynamics are none other than whale activity, which has taken a major hit in the past 24 hours. 

The trend among large Shiba Inu addresses is revealed through IntoTheBlock’s Large Transactions metric, which tracks data surrounding transactions with a value of $100,000 or greater. This metric serves as a valuable tool for assessing market sentiment, as it captures the movements of high-value investors, whose actions often influence the behavior of retail traders.

A rise in large transactions is generally associated with growing confidence and increasing accumulation, while a steep decline, as observed in the past day, may signal a shift toward caution. Therefore, the recent decrease in large transaction activity implies that investors are either taking profits or remaining cautious.

Remarkably, the number of transactions plummeted from 353 to 136 within the past 24-hour timeframe. This translates to a 61% decline, suggesting that many major holders may be stepping away from the market due to a lack of bullish conviction.

Not only did the number of large transactions decrease, but the overall transaction volume involving major trades also took a hit. Data from IntoTheBlock reveals that the total volume of SHIB transferred in these high-value transactions fell by roughly 55% from 6.81 trillion SHIB to 3.05 trillion SHIB in the past 24 hours. In terms of US dollars, this translates to a 58% drop from $128.95 million to $54.74 million.

What Effect Does This Have For The SHIB Price?

The sharp decline in large transactions could have serious implications for Shiba Inu’s price, particularly in the short term if whale activity does not recover soon. This decline in whale activity is already contributing to a price decline for the meme coin, which has witnessed 2.7% and 9.5% declines in the past 24 hours and seven days, respectively. 

This decline has seen Shiba Inu losing support at $0.000020, although it has managed to hold up above the next support of $0.000018. However, there remains the risk of further declines below $0.000018 if whale activity continues to decline. Without renewed whale interest, SHIB’s price may continue to drift lower, as the absence of strong buy orders leaves it more vulnerable to volatility and bearish sentiment.

Featured image from Adobe Stock, chart from Tradingview.com

The Dogecoin price crashed to as low as $0.31 this week and is still at risk of losing the psychological $0.3 level. This price decline is due to several factors, including developments on the macro side. 

Why Did The Dogecoin Price Crash To $0.31

CoinMarketCap data shows that the Dogecoin price is down over 8% and has crashed to as low as $0.31 this week. This price decline has happened due to several factors, including the FOMC decision coming up today, which has created some uncertainty in the market. The US Federal Reserve is set to announce the Fed rate cut decision, whether or not they plan to cut rates. 

CME FedWatch data shows that there is a 99.5% probability that the US Fed will keep rates unchanged, which has sparked a bearish sentiment in the broader crypto market. The Fed keeping rates unchanged is bearish for the Dogecoin price, as investors are less likely to invest in risk assets like DOGE. 

The anticipation of rates remaining unchanged already contributed to the widespread selloff witnessed in the crypto market earlier in the week, which also impacted the Dogecoin price. Another reason why there has been a wave of selloffs in the crypto market, leading to the Dogecoin price crash, is the rise of the Chinese AI startup DeepSeek.  

DeepSeek AI gained widespread popularity this week, which immediately sparked a wave of sell-off for US tech stocks, with trillions of dollars wiped out from the US stock market. The crypto market also took a hit as a result, leading to this downtrend for the Dogecoin price. It is worth mentioning that the Bitcoin price had also dropped below $100,000 earlier in the week. As such, DOGE was bound to also witness such downward pressure given its strong positive correlation with the flagship crypto. 

Positives For DOGE Amid Downtrend 

There are still some positives for the Dogecoin price amid this downtrend. One is the fact that crypto whales are still bullish on the foremost meme coin and look to be accumulating during this downtrend. IntoTheBlock data shows that DOGE’s large transaction volume has surged by over 41%, with $23.35 billion traded during this period, indicating whale accumulation. 

Crypto analyst Ali Martinez also revealed that whales have bought 460 million DOGE during this Dogecoin price dip. Meanwhile, crypto analyst Trader Tardigrade recently asserted that there are two bull runs on the horizon for Dogecoin. This came as the analyst revealed that DOGE is following the Gaussian Channel pattern. He added that the meme coin first exited the channel when it was red, followed by a retest of the mid-channel line. With this retest out of the way, DOGE could witness a massive move to the upside next. 

At the time of writing, the Dogecoin price is trading at around $0.33, down almost 1% in the last 24 hours, according to data from CoinMarketCap.

Featured image from Unsplash, chart from Tradingview.com