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Arman Shirinyan

Shiba Inu whales went in different directions, leaving meme coin with no traction at all

Shiba Inu’s large network transactions have taken a nosedive. The number of significant transactions on the network has dropped to 20, marking one of the most inactive periods for the meme coin, especially concerning the activity of its large holders.

Several factors could be contributing to this sudden drop in whale activity. One of the potential reasons might be the waning interest in highly volatile assets like SHIB, especially when the crypto market sees Bitcoin’s dominance on the rise. As the flagship cryptocurrency continues to assert its dominance, many investors might be reallocating their portfolios, moving away from riskier assets to more established ones.

shiba inu
Source: TradingView

Furthermore, Shiba Inu’s price performance over the past few weeks has not been particularly encouraging. Currently, SHIB is trading at $0.00000723. Over the last two weeks, the meme coin has struggled to maintain consistent upward momentum, often facing resistance levels that have prevented any significant price surges. This lackluster performance might be discouraging for large holders, leading them to reduce their activity or even offload some of their holdings.

The decline in whale activity and the subdued price action of SHIB could be indicative of a broader sentiment in the market. As the crypto space matures, investors are becoming more discerning, often opting for assets with strong fundamentals and use cases. While meme coins like Shiba Inu have enjoyed their moments in the spotlight, sustained interest and growth require more than just social media hype.

It is essential to note that meme assets are extremely volatile, and trends can change rapidly. While SHIB is currently facing a period of reduced whale activity and price stagnation, it does not necessarily spell doom for the coin. The crypto space has witnessed numerous comebacks, and with the right catalysts, Shiba Inu could very well find its way back to the limelight.

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