While Shiba Inu continues to maintain its position as the second-largest meme coin in the market, whales keep buying it. The actions of these powerful whales have caused a significant stir in the market.
Current Status of Shiba Inu
IntoTheBlock provided recent data showing a 170% increase in Shiba Inu’s whale transaction volume over the past 24 hours. These transactions include those valued over $100,000.
Considering these transactions, it is evident that crypto whales are visibly accumulating SHIB, which can be interpreted as a bullish expectation for Shiba Inu.
Whales’ actions on cryptocurrency price movements and their recent purchases could help trigger a significant recovery for Shiba Inu.
Additionally, these purchases by whales could contribute to strongly defending the critical support level currently at $0.000020. A possible move below this level could trigger a selling wave, leading to a clearer decline in the meme coin.
Shiba Coin TL Outlook
Amidst all these developments, attention turned to the SHIB price. SHIB price dropped to $0.016 in the last hour. This decline reached 4.52% in the 24-hour view, while it showed a 16.14% drop over the past 7 days.
As of the time of writing, SHIB price stands at $0.00002121, reflecting the decline in BTC. The SHIB/TRY pair shows 0.0006890 TRY. Shiba Inu’s market cap also fell by a similar rate of 4.52%, dropping to $12.495 billion.
Shiba Inu’s (SHIB) 24-hour trading volume also saw a noticeable decline. The trading volume dropped by 53%, amounting to $387 million, which is one of the biggest indicators of the decreased interest despite whale activity.
The decline in both price and trading volume can also be interpreted as former investors not wanting to sell but buyers trying to lower the price. The impact of whale activities on SHIB will become clearer in the coming days.
