Dog-themed cryptocurrency Shiba Inu (SHIB) has entered a period of relative quiet. This trend is reflected in whales or large holders, whose activity has slowed in recent days with pale large transaction volumes.

Large transaction volumes that measure the amount transferred in large transactions worth more than $100,000 are often indicative of whale activity.

According to IntoTheBlock, Shiba Inu's large transaction volume has dropped 24% in the last 24 hours to 2.08 trillion SHIB from 2.82 trillion SHIB, which surprisingly is the highest since the last seven days. This decline suggests that whale activity has slowed, potentially impacting overall market momentum.

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The current decline in whale transactions has coincided with SHIB's price consolidation below its key moving averages.

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After dipping to lows of $0.0000116 on Feb. 3, Shiba Inu has consolidated below its daily moving averages of 50 and 200 at $0.0000197 and $0.0000192. The lack of strong buying pressure or significant movements from large holders or whales has kept Shiba Inu in a trading range, reflecting a cautious market sentiment.

What's next for Shiba Inu price?

At the time of writing, Shiba Inu was up 0.67% to $0.00001668 following a slight rebound in Friday's session.

SHIB/USD Daily Chart, Courtesy: TradingView

Alternative cryptocurrencies, or altcoins, rose Friday, buoyed by recent ETF optimism. Following the release of January retail sales data in the United States, Bitcoin rose slightly. The data missed analyst predictions by a mile, giving hope that rate reductions for the Federal Reserve may be back on the table in the first half of this year.

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The sluggish price movement in the market continued as investors assessed the state of the economy after a slew of reports this week.

Moving forward, a break over the daily moving averages of 50 and 200 would be bulls' first sign of strength, causing Shiba Inu to escape its present range. Support is expected at $0.0000116 in the event of a price decline.

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