Shiba Inu token is experiencing challenges amid a sharp decline in whale activity, with the number of large transfers dropping by 93%, raising questions about the token's future.
Decline in Whale Transactions
On-chain data shows a substantial drop in Shiba Inu's large transactions. A recorded 93% decrease indicates a lack of interest from major investors, posing a significant challenge for the token's future.
SHIB Price Outlook
The price of SHIB has been steadily declining and is trading around $0.00001646. The decrease in whale transactions suggests a potential withdrawal of wealthy investors, leading to reduced liquidity and buying pressure. The lack of whale activity is a major factor hindering SHIB's potential growth. Trading volume has also drastically decreased, reinforcing the bearish outlook.
Future of the Token Without Major Investors
The absence of substantial buy orders and low investor participation may make recovery unlikely. SHIB has to overcome significant resistance levels at $0.00001769 and $0.00002016 to attempt a recovery. However, this appears improbable due to lackluster demand. Without significant catalysts, SHIB is unlikely to improve its situation.
Shiba Inu faces a tough situation: without major investor interest, a significant recovery in the token's value seems unlikely in the near term.
