Shiba Inu Sees Decline In Major Metric That Could Cause Price To Plummet

by

As a seasoned researcher with over two decades of experience in the financial markets, I can’t help but notice the striking parallels between the current state of Shiba Inu (SHIB) and some of the most intriguing market events I’ve witnessed in my career. The sudden plunge in whale transaction volume is a red flag that cannot be ignored, hinting at a possible downturn for this meme coin.

The popular meme coin based on Shiba Inu dogs, SHIB, might be approaching a significant market drop based on recent analysis showing a dramatic decrease in large transactions by ‘whales’ (major investors). This substantial reduction in whale activity suggests potential negative consequences for the currency’s future price trends, potentially indicating a possible price decline.

Shiba Inu Whale Transaction Plunge To Shocking Lows

According to recent findings from IntoTheBlock, there’s been a substantial decrease in major transfers of Shiba Inu tokens, which are usually carried out by influential investors or “Whales.” On October 1st, the large transaction volume of Shiba Inu spiked to an impressive 8.27 trillion, indicating a growing optimism among investors regarding this meme coin.

At present, these transactions have dropped dramatically to approximately 1.39 trillion dollars, signifying an astounding 83.2% decrease. Translated into US dollars, IntoTheBlock indicates that large transaction volumes rose to $135.84 million but subsequently fell to $25.2 million. The drop in this Shiba Inu indicator may hint at a potential change in investor confidence compared to last month when the Shiba Inu price was approximately 0.00002 dollars, suggesting a possible decline in investor confidence.

Currently, Shiba Inu (SHIB) appears to be lagging behind other meme coins such as Dogecoin due to decreased whale activity. Data from IntoTheBlock suggests that large-scale transactions have significantly dropped off. On October 2, transaction volumes were at a high of 5.55 trillion, but by October 3, this had decreased to 2.62 trillion and further dropped to 1.6 trillion on October 6. Over the course of a week, this represents a staggering decline of approximately 6.88 trillion in transactions. This indicates that whales are showing less interest in trading and executing transactions with SHIB.

Looking at how whales’ transactions impact the price of a cryptocurrency like Shiba Inu, a significant drop in large transaction volume might lead to unfavorable changes in its price. Despite a 6.94% rise over the last day, Shiba Inu has also decreased by 1.43% during the past week. Currently, it’s trading at $0.000018, as reported by CoinMarketCap.

SHIB Price Decline Signals Potential Buying Opportunity

Despite fluctuations in the market and less activity among major investors, a vocal Shiba Inu advocate, known as ‘SHIB Bezos’, is still optimistic about the coin’s future prospects, frequently sharing this sentiment on social media platform X (formerly Twitter).

The SHIB supporter has stated that SHIB could eventually enter an oversold territory, where its price would decline lower than its actual value. Following this, he predicts that Shiba Inu may make a strong comeback, rebounding strongly after the selling pressures desist. 

Looking at the possibility of Shiba Inu’s price increase again, Elon Musk-like figure, SHIB Bezos, believes that any drop in Shiba Inu’s value offers a chance to purchase this meme coin at a reduced cost. He further advises investors to keep their Shiba Inu tokens for a period of 5 to 10 years, expecting gradual growth and potential increase in value over time.

Shiba Inu Sees Decline In Major Metric That Could Cause Price To Plummet

Read More

2024-10-08 01:11