According to on-chain data, the dog-themed cryptocurrency Shiba Inu (c47) has seen a 97% drop in inflows from its major holders in just three days, raising concerns about its short-term outlook.
According to data from Into,,The,,Block, large holders' inflows fell from 3.06 trillion Shiba on June 23 to 84.76 billion Shiba on June 26. This represents a 97% decrease, indicating a slowdown in large holder activity.
Large shareholder inflows indicate that funds are entering whale addresses. A sudden drop in these inflows may indicate that large players are cautiously waiting, perhaps waiting for better entry prices or a clearer market direction.
This may mean that whales are choosing caution amid the recent volatility in the cryptocurrency market. This may reflect a general trend toward risk aversion ahead of any expected macroeconomic catalysts or market movements.
Shiba Inu Price Drop $SHIB
Shiba Inu $SHIB is facing profit-taking after hitting $0.00001192 on June 24, marking a two-day rally. At press time, the price of Shiba Inu was trading down 0.75% at $0.00001115, as the broader cryptocurrency market declined following the release of stronger-than-expected inflation data.
According to a report released by the Commerce Department on Friday, the annual inflation rate has gradually moved away from the Federal Reserve's target. The personal consumption expenditures price index, the Fed's preliminary inflation gauge, rose a seasonally adjusted 0.1% during the month, bringing the annual inflation rate to 2.3%.
The Federal Reserve is targeting an inflation rate of 2%, a level it has not reached since early 2021. Core inflation jumped to 2.7% in May, exceeding expectations.
This report comes as the Federal Reserve considers its next move on interest rates. The central bank is widely expected to keep rates unchanged at its meeting in late July. However, some officials have recently called for a cut as long as inflation data shows moderate pressures. #SHİB #NODEBinanceTGE #USCorePCEMay #BTC110KToday? #BinanceAlphaAlert