Popular memecoin Shiba Inu ( SHIB ) is witnessing a significant change in the number of large transactions processed through its network, according to crypto analytics firm IntoTheBlock.

IntoTheBlock defines large transactions as transfers of more than $100,000 and says the metric “serves as a proxy” for activity by institutional investors and high-net-worth individuals.

According to the analytics firm, Shiba Inu’s current block trade momentum indicator is down 3.08%, which is a bearish sign.

At the time of writing, SHIB is trading at $0.000011. The 15th-ranked crypto asset by market cap is down more than 1.70% in the past 24 hours and more than 15% in the past 30 days. Even with the recent correction, the Ethereum (ETH)-based memecoin is still up 37.5% since the beginning of 2023.

IntoTheBlock also reports that the vast majority of SHIB holders continue to remain subdued in the asset.

The insights firm noted that only 30% of SHIB holders are making money at the asset’s current price, while 5% are breaking even and 65% are losing money.

The company also said that 67% of Shiba Inu holders have held their SHIB for more than a year, with 30% holding the top meme token between one month and 12 months. The remaining 3% of SHIB holders have owned their Shiba Inus for less than a month.

The Shiba Inu is still more than 87% below its all-time high of $0.00008616 reached in late October 2021.