Crypto analytics firm IntoTheBlock says that the number of large transactions going through the network of popular meme coin Shiba Inu (SHIB) has changed in a big way.
IntoTheBlock says that large transactions are transfers of more than $100,000 and that this metric “stands in for” the actions of institutional investors and people with a lot of money.
The analytics firm says that Shiba Inu’s current large-transaction momentum indicator is down 3.08%, which is a sign that the stock price will go down.
At the time of writing, SHIB is worth $0.000011. The 15th-ranked crypto asset by market cap has lost more than 1.70 percent in the last 24 hours and more than 15 percent in the last 30 days. Even after the recent drop, the Ethereum-based memecoin (ETH) is still up 37.5% since the beginning of 2023.
IntoTheBlock also says that most people who own SHIBs are still losing money on their investments in the asset.
The insights firm says that at the asset’s current price, only 30% of SHIB holders are making money, while 5% are breaking even and 65% are sitting on losses.
The company also says that 67% of Shiba Inu holders have had their SHIB for more than a year and that 30% have had the top meme token for between one month and a year. The other 3% of SHIB owners have had their dog for less than a month.
Shiba Inu is still more than 87% below its all-time high, which was $0.00008616 in late October 2021.
