Popular meme coin Shiba Inu (SHIB) is witnessing a major change in the number of large transactions processed through its network, according to the crypto analytics firm IntoTheBlock.
IntoTheBlock defines large transactions as transfers that are bigger than $100,000 and says the metric “acts as a proxy” for the activity of institutional investors and high-net-worth individuals.
According to the analytics firm, Shiba Inu’s current large-transaction momentum indicator is down 3.08%, which it says is a bearish signal.
SHIB is trading at $0.000011 at time of writing. The 15th-ranked crypto asset by market cap is down more than 1.70% in the past 24 hours and more than 15% in the past 30 days. Even with the recent correction, the Ethereum (ETH)-based memecoin is up 37.5% since the start of 2023.
IntoTheBlock also reports that the vast majority of SHIB holders continue to remain underwater on their investments in the asset.
The insights firm notes that only 30% of SHIB holders are making money at the asset’s current price, compared to 5% that are breaking even and 65% that are sitting on losses.
The firm also says 67% of Shiba Inu holders have held on to their SHIB for over a year, with 30% owning the top meme token for a period of between one month and 12 months. The remaining 3% of SHIB holders have owned their Shiba Inu for less than a month.
Shiba Inu remains more than 87% down from its all-time high of $0.00008616, which it hit in late October 2021.
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