According to on-chain data from IntoTheBlock, Shiba Inu's large transaction volume has seen a 74% drop over the past five days, from 5.76 trillion SHIB on May 20 to 1.47 trillion SHIB on May 25.
Large transaction volume typically indicates activity from whales or large holders, who are either buying or selling. The actual reason for the drop remains unknown, but a few explanations might be likely. Whales might be taking a breather, sitting on the sidelines while waiting for clearer signals from the broader crypto market before jumping back in.
Lower whale activity does not necessarily mean bearish sentiment. It could indicate a phase of quiet accumulation or a pause after a distribution period. This could be the case, as the Shiba Inu price has been consolidating between $0.00001388 and $0.00001670 after reaching highs of $0.00001764 on May 12, following an earlier rise in May.
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Shiba Inu remains broadly consolidated between its moving averages of 50 and 200, which are $0.0000135 and $0.0000181, respectively.
At press time, the time of writing, Shiba Inu was rebounding alongside the rest of the crypto market, up 1.2% in the last 24 hours to $0.0000144. The daily RSI has flattened at the 50-midpoint level, raising the possibility of consolidation or range trading in the coming days.
78% of Shiba Inu holders in it for long haul
Long-term SHIB holders remain committed despite market volatility, with blockchain data showing nearly 1.13 million addresses holding SHIB tokens for more than a year.
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According to on-chain analytics, around 1.13 million addresses are currently classified as "hodlers" or long-term holders, having held their holdings for more than 12 months. This trend is notable on a market often dominated by short-term speculation and quick profit-taking.
According to current data from IntoTheBlock, 78% of SHIB holders have held onto their tokens for more than a year, a clear sign of long-term commitment to the dog-inspired asset.
