CandleFocus Only 628 Billion Shiba Inu (SHIB) in 24 Hours: Did Whales Give Up?
2024-11-03
Author: Content Editor
The on-chain activity for Shiba Inu (SHIB) has significantly declined, with concerns arising about the long-term viability and market appeal of the cryptocurrency. The decrease in transaction volume suggests that large holders or whales may be reducing their SHIB activity, leading to less buying pressure and potentially preventing quick price increases. Without whale support, SHIB may be more vulnerable to abrupt price changes. Any rally will likely rely on retail interest and smaller investor participation, which may not generate significant gains. The technical chart indicates that SHIB has been struggling to maintain its upward trend. Overall, the data analysis highlights the importance of fundamental factors when predicting the future movement of the asset.
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