CandleFocus From 6.3 Trillion to 2.5 Trillion Shiba Inu (SHIB) in 24 Hours: What's Up?
2024-11-08
Author: Content Editor
The volume of on-chain transactions for Shiba Inu (SHIB) has dropped significantly in a single day, with large transaction volumes declining from 6.3 trillion to 2.5 trillion SHIB. This decrease in whale activity suggests diminished support or interest from major investors who had previously fueled SHIB's price increase. The drop in whale transactions threatens SHIB's current upward trajectory as their participation provides significant support and liquidity to the market. SHIB has faced resistance at the $0.000019 level and breaking through this crucial barrier could be challenging without strong buying pressure. Despite technical indicators suggesting some support, the lack of whale support may make it difficult for SHIB to maintain its momentum. If whale participation does not rebound, SHIB may experience increased selling pressure, while sustained support from smaller investors could result in a slower upward move.
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