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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?
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.
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: https://u.today/shiba-inu-shib-saw-4-trillion-whale-transactions-plummeting-whats-happening