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Shiba Inu Whale Transactions Sink Below 1 Trillion SHIB—What’s Next for SHIB’s Price?

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Sheena Jordan reporter

Mon, 21 Oct 2024, 20:54 pm UTC

Shiba Inu sees a sharp drop in whale transactions, raising concerns about future price movements. Credit: EconoTimes

In the last 24 hours, whale transactions on Shiba Inu have dropped to less than 1 trillion SHIB, a significant decrease that could spell future price volatility. With whale participation waning, SHIB's price may face downward pressure unless investor interest picks up.

Whale Activity Plummets Below 1 Trillion SHIB

There has been a clear decrease in the volume of huge transactions on Shiba Inu, since there have been less than one trillion SHIB worth of whale transactions in the past 24 hours. Compared to earlier peaks, when SHIB regularly reported volumes in the multiple trillions, this is a significant drop.

There was a considerable drop from the seven-day peak of 3.22 trillion SHIB on October 18, 2024, to the most current amount of 925.79 billion SHIB, as shown in the graph. It seems like whale activity is going down, which could mean significant investors aren't as interested and could affect SHIB's price in other ways.

SHIB Faces Resistance Amid Declining Volume

Shiba Inu is currently testing strong resistance levels on the price chart, which is circling the $0.000018 range. The price has been settling around this level, according to exponential moving averages, which indicate that market sentiment is largely neutral.

There has been a precipitous drop in transaction volume, which threatens SHIB's near-term prospects. Large price swings for assets like SHIB have traditionally been driven by whale activity; the decreasing volume indicates that momentum among prominent players is waning.

Potential Market Cooling Period for SHIB

Per U.Today, there may be a cooling-off period for Shiba Inu if the present drop in whale activity is any indication of market attitude.

Continued reductions in large investors' exposure to SHIB might lead to price declines or additional stagnation. But if volume starts to rise again, especially from institutional or whale investors, it can spark interest again and start a fresh surge.

Uncertain Outlook for Shiba Inu’s Short-Term Future

The current situation makes SHIB's near-term prospects uncertain. The absence of substantial whale involvement can be an indication of a cautious market. If SHIB can maintain its present price level and reacquire the interest of big investors, an asset reversal could happen. In any case, if the amount of large transactions remains low, there may be further downward pressure.

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