Since the beginning of 2024, the value of the Shiba Inu (SHIB) token has decreased by 12%. This article explores the reasons behind this drop and the influence of large investors on the market.
How Whale Transactions Affect SHIB
Major addresses holding significant volumes of SHIB have been observed trimming their holdings considerably. For instance, on July 21, these holders possessed 17.72 trillion SHIB, but this total dropped to 17.63 trillion by the end of the month, coinciding with a price fall from $0.000014 to $0.000012.
What the Support and Resistance Heatmap Reveals
According to Glassnode, SHIB is seeing strong accumulation around a critical support level at $0.00001212, with a total of 19.99 trillion SHIB concentrated there. A resistance has formed near $0.00001269 with 11.83 billion SHIB clustered there. Price dynamics suggest potential drops to $0.00001100 or $0.00001000 if support is breached.
Predictions and Whale Impact on SHIB's Price
SHIB's price activity is expected to oscillate within these pivotal support and resistance ranges. Whale actions greatly influence pricing direction. Experts note: "The activity of large SHIB investors is a critical variable in navigating the currency’s pricing landscape."
The interaction between whales and Shiba Inu's valuation remains a key focus for market participants. Price fluctuations are anticipated within the indicated ranges as whale activity stays low.