In a recent development, Shiba Inu's on-chain metrics reveal a substantial 15% decline in large transactions, potentially influencing the token's market dynamics and future price trajectory. Despite this, Shiba Inu's price has risen by 4% to $0.0000235.

A closer examination of the metrics shows a modest 0.32% increase in new addresses on the SHIB network, indicating growing interest but limited momentum. The "in the money" metric displays a neutral 0.30%, suggesting a balance between bullish and bearish investor sentiments, potentially indicating a holding pattern.

Additionally, a slight 0.04% increase in token density among top SHIB addresses implies a subtle bullish signal, potentially indicating increased stakes or fewer addresses accumulating more SHIB.

Notably, large transactions over $100,000 have declined by 15.66%, signaling reduced activity from influential whales. This decrease may indicate lower confidence among larger investors or a shift towards less conspicuous transactions. Currently, SHIB is consolidating within a narrowing price range, hinting at an impending volatility spike.

The decrease in whale transactions could temporarily stabilize the price, but the consolidation phase suggests a potential breakout. The direction of this breakout will likely depend on the broader market rather than SHIB specifically, making it essential to closely monitor this metric.