Shiba Inu （SHIB） experienced a significant drop in transactional volume, down to 1.4 trillion SHIB in the last 24 hours.
Points
- Recent transactional volume was 1.4 trillion SHIB.
- The WazirX exchange hack impacted SHIB’s market.
- Market makers like Wintermute stabilized SHIB’s price.
Shiba Inu’s （SHIB） recent on-chain activity has been extremely volatile. After a massive transaction involving 50 trillion SHIB, the transactional volume has now dropped to 1.4 trillion SHIB in the last 24 hours. This decline raises questions about the underlying factors affecting SHIB’s market dynamics.
The WazirX exchange hack significantly impacted SHIB, with a large amount of SHIB dumped on the market as a result. However, market makers like Wintermute intervened to
stabilize the market by purchasing SHIB from decentralized exchanges and depositing it to centralized exchanges for arbitrage purposes. This intervention limited the negative impact on SHIB’s price.
Despite initial concerns that SHIB’s price would plummet, it has managed to hold its support levels around $0.00001778. The price stability demonstrates the market’s ability to absorb excess liquidity without experiencing a significant correction.
A closer look at transactional activity data reveals a dramatic decline in the number of large transactions, consistent with the overall volume decrease. This trend suggests that the initial sell-off and panic have subsided, with large holders either completing their transactions or delaying further moves for the time being.
解説
- Exchange Hacks: The WazirX hack significantly impacted SHIB’s transactional volume and market dynamics. Exchange hacks often lead to large sell-offs as compromised assets are dumped on the market.
- Market Stabilization: Market makers like Wintermute play a crucial role in stabilizing prices during volatile periods by engaging in arbitrage and purchasing large amounts of the affected asset.
- Transactional Volume: A significant drop in transactional volume can indicate reduced market activity and lower liquidity, potentially leading to increased price volatility.