In recent weeks, Shiba Inu, one of the leading meme coins, has faced market corrections similar to trends observed in the past. This article examines the current price dynamics of Shiba Inu and potential paths for recovery.
Introduction to the Current Situation
Shiba Inu started its price drop about two weeks ago, paving the way for a broader pullback in meme coin markets. Since reaching a local peak on July 21, its price has fallen by 25%. In comparison, its larger sibling Dogecoin has also shown significant declines.
Shiba Inu's Accumulation Zone
The recent pullback of Shiba Inu has brought its price closer to the $0.000012 level, which historically relates to accumulation zones. Previous dips to this level over the past year have resulted in recovery, and there is potential that the current situation may also trigger increased demand for SHIB.
Actions of Large Investors
Despite recent negative trends, market flow data indicates that large investors are starting to purchase Shiba Inu at discounted prices. In the last 48 hours, around $1.74 million of tokens were acquired on Binance, while approximately $235,000 were bought on Coinbase. Although these purchases do not guarantee immediate price growth, they highlight interest from significant players.
Shiba Inu continues to hold an important place in the meme coin market despite current price fluctuations. Attention from large investors and potential signs of recovery may soon lead to a change in the existing trend.
