Whats Behind SHIBs 13% Sudden Dip? On-chain Data Reveals Key Reason Why
Technologie What‘s Behind SHIB’s 13% Sudden Dip? On-chain Data Reveals Key Reason Why The cryptocurrency market is known for its volatility, and Shiba Inu (SHIB) recently experienced a significant price move. The dog-themed cryptocurrency saw a 13% drop in value in todays trading session, falling to lows of $0.000027. This sudden decline coincides with a drop in the general crypto market, with Bitcoin falling as low as $65,565 before recovering to around $67,700. At the time of writing, SHIB was down 13.77% in the last 24 hours to $0.00002908 and down 14.43% in the last seven days. While several factors may have contributed to the SHIB price decline, on-chain data appears to provide an inkling into the key reason for the Shiba Inu price drop. A deeper look into SHIB transactions is provided by on-chain data, which offers clues as to what might have triggered the price movement. Large transactions, often referred to as “whale” activities, play a role in influencing the market. A general drop in such transactions has been observed since March 5 and was down 5.43% in the last 24 hours, per IntoTheBlock data. Likewise, the holding time of transacted coins indicator from IntoTheBlock can provide valuable insights into investor confidence and the sentiment of