Nearly $2 trillion worth of Shiba Inu tokens have been transacted in the past 24 hours, but this movement is not as substantial as it initially appears. According to IntoTheBlock's analysis, the transactions involving larger whales in the last day only marginally surpass the average of the previous week, reflecting Shiba Inu's mediocre performance in the market recently.

The volume of whale transactions remains relatively stable within expected ranges. The lackluster market performance of SHIB is in line with general market trends.

Altcoins like SHiba Inu are suffering from the repercussions of declines in Bitcoin and Ethereum. SHIB's underperformance can be attributed to several factors, including the negative sentiment prevalent in the cryptocurrency market after Ethereum's correction. Investors are steering clear of riskier assets like Shiba Inu in favor of more secure options, both within and beyond the crypto sector. This shift is evident in trading activities where, despite high transaction volumes, SHIB's price remains largely unaffected.

Additionally, SHIB's network metrics paint a gloomy picture. The number of active addresses and newly created addresses is on the decline, indicating reduced interest in SHIB as fewer new investors enter the market and existing holders exhibit decreased activity.

Regarding SHIB's technical status, the upward momentum is constrained, with the 50-day moving average serving as immediate support. However, the 200-day moving average offers a sturdy foundational support that could steady prices in the short term.

An analysis of trading volume reveals a spike in activity, particularly following recent price downturns. This heightened selling activity may further push SHIB's price downwards, signaling increased seller participation. The RSI remains neutral but is trending towards an oversold state, hovering around the 49 mark.