The Shiba Inu token (SHIB) is experiencing a downward trend in 2024, attracting interest from analysts and investors. This article explores the actions of key holders that may impact the token's price.
Price Movements of Shiba Inu
Since the beginning of 2024, the Shiba Inu token has shown a price decrease of 12%. Over the past month, the SHIB value has fallen by 18.1%, currently trading around $0.0000123.
Whale Influence on SHIB Price
The behavior of major token holders, known as 'whales', has become a topic of discussion. Studies show that these addresses have started to reduce their SHIB holdings. From July 21 to July 28, the amount of SHIB held by whales decreased from 17.72 trillion to 17.63 trillion, coinciding with the price drop.
Price Level Analysis
According to Glassnode data, SHIB has accumulated a significant amount at the support level of $0.00001212. There is also a short-term resistance at $0.00001269. If whales continue to sell, this could lead to a break below the support level.
The Shiba Inu token continues to experience fluctuations between key support and resistance levels. The actions of large investors will play a crucial role in determining future price dynamics.
