Despite showing no reaction to the current whale activity, Shiba Inu (SHIB) is currently trending downwards. The leading cryptocurrency, Bitcoin, has been experiencing a major price decline, which has had a ripple effect on the entire market. This has caused a decrease in SHIB’s market cap and its daily trading volume, potentially resulting from investors selling their tokens to make a profit. Similarly, SHIB's value could have been unduly affected by an oversupply of tokens.

Whale activity, however, has been on an upswing. According to data from Etherscan, in the past 24 hours, over 30 billion SHIB tokens were purchased, with the first large investor purchasing 4.4 billion tokens from Binance. Over the past 3 days, the top 100 Ethereum whales have amassed a total over $601.2 million with each wallet holding an average of 496,214,650,935 SHIB, with a value slightly exceeding $6 million.

While SHIB has been subjected to a bearish market, it is important to note that no definitive conclusions can be drawn yet. Times of price turmoil are typically followed by a price resurgence, and in the case of SHIB, only time will tell whether it will follow this pattern.



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