Only 1.2 Trillion Shiba Inu (SHIB) in 24 Hours: What’s Happening?

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As an analyst with over two decades of experience in the crypto markets, I have witnessed the rise and fall of countless digital assets. Looking at Shiba Inu (SHIB) right now, it seems to be struggling. The sharp decline in transaction volume and whale withdrawal paints a picture that institutional investors are losing faith in SHIB’s ability to maintain its momentum.

As a crypto investor, I’ve noticed that Shiba Inu hasn’t been doing so hot lately. Looking at the latest figures, there were only about 1 trillion SHIB transactions in the last 24 hours, which is a stark drop from the 4 trillion SHIB transactions on October 9 – a week ago. This downward trend certainly isn’t what I was hoping for.

This significant decrease indicates that significant investors might be selling off their assets, as it appears large-scale or ‘whale’ investors are decreasing their holdings. A concerning aspect arises from this drop in trading activity: Institutional and major investors seem to be reluctant to buy. The market’s overall sentiment and potential concerns about SHIB‘s ability to sustain price growth, given its struggles to maintain key support levels, could explain the whales’ decision to exit the stock.

Only 1.2 Trillion Shiba Inu (SHIB) in 24 Hours: What's Happening?

On the SHIB price chart, a crucial barrier at $0.000017, which has been hindering further price increases, proves tough to surpass. The lack of substantial investment inflow is suggested by the downward trend in large transactions, making it hard for SHIB to generate significant bullish momentum.

Despite the data suggesting a gloomy perspective, Shiba Inu (SHIB) remains optimistic due to its position above the long-term support provided by the 200-day moving average. A potential recovery could occur if SHIB manages to rebound and regain momentum above this point. However, it’s essential to maintain a cautious approach as the number of significant transactions is declining, and the migration of whales continues for now.

To bring about a shift in how SHIB is viewed, it’s crucial to experience a considerable boost in buying demand. Failure to do so might impede SHIB from achieving substantial growth in the short term, given the ongoing departure of large investors (whales) and sluggish market conditions.

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2024-10-13 13:59