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In contrast to the trillion-level transactions that were the on-chain activity for Shiba Inu, the same level has significantly declined with only 628 billion SHIB transacted in the last 24 hours. This declined volume raises concerns about the long-term viability and market appeal of SHIB by pointing to a potential change in whale activity.

A few conclusions emerge from the data analysis. Perhaps as a result of weak price movement or unappealing market conditions, the current decrease in transaction volume may indicate that large holders or whales are reducing their SHIB activity. There may be less buying pressure as a result of the decreased whale participation, which could prevent any quick price increase. It may be more difficult for SHIB to maintain any bullish momentum if whale transactions decline because there may be less liquidity and trading interest.

Without whale support, which frequently stabilizes erratic markets, SHIB may be more vulnerable to abrupt price changes in reaction to comparatively smaller market orders. According to the technical chart, SHIB has been having trouble keeping up its upward trend.

Any organic rally will probably rely largely on retail interest and smaller investor participation due to the lack of whale activity, which may not be sufficient to generate significant gains. The asset's recent support at $0.000017 and the resistance levels at $0.000018 and $0.00002, where SHIB would require substantial volume to break through, are important levels to keep an eye on.

One way or another, on-chain data is only the reflection of things that are already happening on the market and fundamental factors are way more important when trying to predict the movement of the asset in the future.

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.