Shiba Inu continues to attract attention as the second-largest meme coin, with significant purchases made by crypto whales. These large-scale investors have been actively accumulating SHIB, resulting in notable market movements. Recent data from IntoTheBlock indicates a 170% spike in whale transaction volumes for Shiba Inu over the last 24 hours, particularly for transactions exceeding $100,000. This surge suggests bullish expectations among large investors for the meme coin.
What Is the Current Status of Shiba Inu?
The increased whale activity points to a potential positive outlook for Shiba Inu. The buying spree by these powerful market players could lead to a substantial recovery for SHIB, especially if their actions influence broader investor sentiment. Moreover, these heavy purchases may help maintain the critical support level at $0.000020, preventing a potential sell-off that could drive the price lower.
Why Is SHIB’s Price Dropping?
Despite the whale activity, SHIB’s price has experienced a decline. In the last hour, SHIB dropped to $0.016, marking a 4.52% decrease over 24 hours and a 16.14% drop over the past week. Currently, SHIB is trading at $0.00002121, reflecting a decline in Bitcoin‘s value. Additionally, SHIB’s market cap has fallen by 4.52%, reaching $12.495 billion.
Key Insights from Recent Data
– Whale transactions have surged by 170% in the last 24 hours.
– Critical support level is at $0.000020, which could prevent further declines if maintained.
– SHIB’s price and market cap have seen significant drops despite increased whale activity.
– Trading volume has plummeted by 53%, indicating reduced interest from smaller investors.
The substantial drop in Shiba Inu’s 24-hour trading volume, which fell by 53% to $387 million, highlights a decrease in market interest despite whale activity. This decline in both price and trading volume may indicate that while whales are accumulating, smaller investors are hesitant to sell, trying instead to drive the price lower. The true impact of whale activities on SHIB’s future will likely become evident in the coming days.