As a seasoned crypto investor with over a decade of experience under my belt, I have seen more than a few market cycles come and go. The recent decline in whale activity on Shiba Inu (SHIB) has certainly piqued my interest.
Over the past 24 hours, less than one trillion SHIB worth of whale transactions have been made on Shiba Inu, indicating a noticeable decline in the volume of large transactions. This is a substantial decrease from previous peaks, when SHIB frequently claimed multiple trillions in volume.
On October 18, 2024, the highest point over a seven-day period, as shown by the graph, reached an impressive 3.22 trillion SHIB. However, the latest figure, 925.79 billion SHIB, suggests a substantial drop. It appears that whale activity is decreasing, which might signal a reduction in interest from large investors, potentially affecting the future price trends of SHIB. As seen on the price chart, Shiba Inu hovers around the $0.000018 range, encountering notable resistance levels. Considering the EMAs that hint at a relatively neutral market mood, the price has been maintaining stability near this level.
The immediate future of SHIB appears uncertain due to a substantial drop in transaction activity. Historically, major price swings for coins like SHIB have been influenced heavily by whale transactions, and the decrease in volume might indicate a loss of momentum among key players.
If there’s no change in investor attitudes, the ongoing decrease in whale involvement could suggest a temporary lull for Shiba Inu. Continued reduction in investment by major players might lead to more stagnation or even a drop in SHIB prices. However, an increase in trading volume, especially from institutional or large investors, could renew interest and potentially spark another price rise.
Currently, Shib’s near-term outlook appears uncertain, as large traders seem hesitant to make significant moves. However, if Shib manages to maintain its current price level and pique the interest of major investors again, a potential turnaround could occur. Conversely, continued low volume big transactions might lead to further price drops if the trend persists.
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2024-10-21 15:47