Shiba Inu (SHIB) Saw 4 Trillion Whale Transactions Plummeting: What’s Happening?

Photo of author
Written By Maya Cantina

Wed, 3/04/2024 – 10:56

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu has been drawing attention with a recent sharp decrease in whale transactions, which involves trillions of tokens. Data indicates that these whale transactions have plummeted, but will it really affect the price of SHIB?

Advertisement

When analyzing the metrics, it seems that the volume of large SHIB transactions has significantly dropped. Such large transactions often indicate the movement of SHIB by major players, potentially impacting market liquidity and price. 

A decrease in these transactions could suggest that whales, or large holders of SHIB, are less active, which might decrease trading volume and could dampen the price momentum.

SHIBUSDT
SHIB/USDT Chart by TradingView

Looking at SHIB’s chart, the price is currently positioned near a support level at $0.00002724. If this level holds, it could serve as a springboard for future growth, suggesting that the price might stabilize or increase if buying activity picks up. However, if this support breaks due to continued inactivity or sell-offs by whales, SHIB might see further declines toward the next support at $0.00002233.

In terms of resistance, SHIB faces it at approximately $0.00002950. Overcoming this level could indicate a return of investor confidence and a possible upswing in price.

If whales begin moving significant amounts of SHIB again, it could either signal a potential price rally or, conversely, a further price drop, depending on whether they are buying or selling.

The current drop in whale activity for SHIB has correlated with less volatile price movement. Stay cautious and try monitoring additional metrics in order to foresee upcoming price swings. With SHIB sitting at a delicate point on its price chart, the community will be watching to see if these silent whales make waves in the near future.

SOURCE

Leave a Comment