comic themed meme coin, Shiba Inu (SHIB) You could be on the cusp of a major market downturn as recent data reveals a major collapse in the value of the cryptocurrency. The volume of whale transactions. This sharp decline in whale activity could have far-reaching implications for price expectations, indicating a potential decline.
Shiba Inu whale transactions have fallen to shocking lows
new Data From IntoTheBlock revealed a significant drop in high volume Shiba Inu Transmissionswhich are typically conducted by “whales,” individuals known for executing large-scale crypto transactions. On October 1, the Shiba Inu’s large transaction volume rose to 8.27 trillion, reflecting a positive increase in investor sentiment towards the meme coin.
Currently, these transactions have collapsed to shocking levels of around $1.39 trillion, representing a massive 83.2% decline. In terms of USD value, IntoTheBlock shows that large transaction volumes increased to $135.84 million but decreased to $25.2 million. the Low on the scale for this Shiba Inu This indicates a potential shift in investor confidence from earlier last month, when… Shiba Inu price It rose to about $0.00002.
SHIB is currently losing momentum compared to other meme currencies like Dogecoin, e.g Whales show less interest In the practice of trade and transactions. According to IntoTheBlock data, whale activity has seen a steady decline, with large transaction volumes falling from 5.55 trillion on October 2, to 2.62 trillion on October 3, and then 1.6 trillion on October 6. This means that in just one week, transactions took place and fell by a staggering 6.88 trillion.
Given The influence of whales on the price of cryptocurrencythis unprecedented decline in large transaction volume could have negative effects on the price of the Shiba Inu. While cryptocurrencies built on memes have seen… Recent price increase By approximately 6.94% over the past 24 hours, the Shiba Inu has also fallen by 1.43% over the past week. As of writing, the cryptocurrency is also trading at $0.000018, according to CoinMarketCap.
The falling price of SHIB indicates a potential buying opportunity
like Shiba Inu face market fluctuations Whale transactions are declining, and an outspoken Shiba Inu supporter known as “SHIB Bezos” on X (formerly Twitter) continues to express Confidence in the future outlook of the meme coin.
SHIB supporter has male SHIB could eventually enter the oversold zone, where its price will fall below its actual value. After that, the Shiba Inu is expected to make a strong comeback, and rebound strongly after the selling pressure stops.
Given Possibility of recovery of the Mimi coinSHIB Bezos stated that any decline in the price of the Shiba Inu represents an opportunity to buy meme coin at a discount. He also recommended investors hold their SHIB tokens for at least 5 to 10 years, anticipating potential growth over time.
Featured image created with Dall.E, chart from Tradingview.com