Are Shiba Inu Whales No Longer Interested in SHIB Tokens?
The post Are Shiba Inu Whales No Longer Interested in SHIB Tokens? appeared first on Coinpedia Fintech News
Since the beginning of the bull market in 2023, the price of Shiba Inu (SHIB), which is the world’s second-largest meme token, has been increasing along with the price of the rest of the cryptocurrency market. In the previous twenty-four hours, the token’s value has increased by 3.6%, while in the past seven days, it has decreased by 3.75%.
Why Whales are Not Interested in Shiba Inu?
For quite some time now, the whales have been showing a significant amount of interest in the meme token. One of the reasons why many retail investors are hesitant to get into the project is because of this. A sale of tokens by the “whales” would result in a precipitous decline in the price of the token.
On the other hand, the difficulty or unwillingness of whales to drive the token’s price any further may be connected to the need for a brief correction that would cool down SHIB and the market as a whole.
On the 26th of January, there was a significant reduction in the number of SHIB tokens that were burnt on the network. A dip of this magnitude might be seen as a signal of declining network activity, which is unfavorable to SHIB and should be avoided at all costs.
The burn rate, as well as the general activity of the Shiba Inu network, are thankfully seeing a recovery. The burn rate has now returned to the levels that we typically observe when the network is operating normally. SHIB failed to push through the protracted downward trend and made a U-turn at the three-month regression line.
If the current trend on the market continues, the meme token will revert to the downward movement dynamic, at which point it will give up all of the ground it has gained since the commencement of the market’s bull rally.
Filed under: Bitcoin - @ January 28, 2023 12:24 pm