Shiba Inu in Trouble? Whale Activity Drops By 35%
The post Shiba Inu in Trouble? Whale Activity Drops By 35% appeared first on Coinpedia Fintech News
Shiba Inu is once again making headlines with a steep decline in whale activity. The large transaction volume dropped by 35%, falling from nine trillion SHIB to just four trillion. It’s making many investors nervous. Whale activity has been a major force behind SHIB’s price swings in the past, so this decrease makes people wonder – is Shiba Inu losing its charm?
Is Shiba Inu’s Downfall Near?
Even though the whale activity took a hit, it’s not game over for Shib. Believe it or not, 73% of SHIB is still held by large holders (whales). So, they are still confident enough to hold big portions. On top of that, while 46% of holders are currently in the red, 49% are still in profit at the current price levels. It’s a mixed situation, but it shows that Shiba Inu is hanging on.
Right now, SHIB’s price is sitting near $0.00001564, and it’s facing some resistance at around $0.00001760. If it breaks above this, it might have a shot at $0.00001800. But since whale transactions have slowed down, getting enough momentum for a long-term breakout could be a challenge. Still, it gives some room for buyers who want to get in while it’s low.
The Shiba Burn Campaign Keeps Going
Shiba Inu isn’t just about prices. The community has been actively burning tokens to reduce the supply. In September, they burned over 2.37 billion SHIB, a massive 249% increase compared to August. But October hasn’t kept up the same pace – so far, just 2.3 million SHIB have been burned, down 92% from last month.
Shiba Inu’s marketing lead, Lucie, also pointed out that the token contracts for SHIB, BONE, and LEASH are renounced, meaning the developers can’t change supply or manipulate the market. It’s another reason Shiba Inu remains an interesting decentralized project.
Fudders Gonna Fud: Why Calling the Shib Ecosystem a Scam Makes You Look CluelessLet’s clear something up: the token contracts for Shib, BONE, and LEASH have been renounced. Calling the Shib ecosystem a scam isn’t just wrong—it makes you look like you missed crypto 101. Shib,… pic.twitter.com/ImpP1eW6Lf— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) October 3, 2024
Shiba Inu Still Has Potential
Yes, the recent drop in whale activity is a concern, but Shiba Inu’s strong community, burn efforts, and decentralized nature show there’s still life in this meme coin. It’s risky, sure, but for those who believe in the project’s long-term vision, SHIB could possibly pay off.
Also Read : AI Crypto Tokens Crash! $4.69 Billion Wiped Out in Just 3 Days—Is “UPtober” Over?
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