Bitrabo Editorial
The Shiba Inu (SHIB) meme coin, known for its canine theme, may be facing a significant market downturn. Recent reports indicate a drastic fall in the volume of transactions by major investors, or “whales,” which could negatively impact its future price.
Dramatic Drop in Shiba Inu Whale Transactions
Data from IntoTheBlock reveals a noteworthy decrease in sizable Shiba Inu transactions, typically conducted by major players in the crypto space. On October 1, the volume of these transactions reached an impressive 8.27 trillion, signaling a positive outlook among investors at the time.
However, the current transaction volume has plummeted to approximately 1.39 trillion, a staggering 83.2% decline. In dollar terms, this drop sees the value of large transactions reduce from $135.84 million to just $25.2 million, indicating a significant shift in investor confidence compared to earlier last month when Shiba Inu’s price peaked around $0.00002.
Compared to other meme coins like Dogecoin, SHIB is losing traction as whales show diminished trading interest. Data indicates that whale activity has decreased consistently, with large transactions declining from 5.55 trillion on October 2 to 1.6 trillion by October 6. In just a week, this equates to an astonishing drop of 6.88 trillion transactions.
Given the substantial influence that whales can have on a cryptocurrency’s pricing, this drastic downturn in transaction activity may be detrimental to Shiba Inu’s value. Despite a recent 6.94% increase in price within a 24-hour period, it has dropped by 1.43% over the last week, currently trading at $0.000018, based on CoinMarketCap data.
Price Decline May Offer Buying Opportunities
As Shiba Inu navigates market fluctuations and experiences a downturn in whale transactions, a prominent supporter known as ‘SHIB Bezos’ remains optimistic about the coin’s prospects. This advocate has suggested that SHIB might soon enter what’s termed as “oversold territory,” where the price would dip below its true value. He anticipates a strong recovery once the selling pressure subsides.
Perceived rebound potential in this meme coin has led SHIB Bezos to assert that any decline in its price could represent a buying opportunity. He encourages investors to hold onto their token investment for a period of 5 to 10 years, believing in its potential for significant appreciation over time.