The post Shiba Inu in Trouble? Whale Activity Drops By 35% appeared first on Coinpedia Fintech News
Shiba Inu is once again making headlines with a steep decline in whale activity. The large transaction volume dropped by 35%, falling from nine trillion SHIB to just four trillion. Itâs making many investors nervous. Whale activity has been a major force behind SHIBâs price swings in the past, so this decrease makes people wonder â is Shiba Inu losing its charm?
Is Shiba Inuâs Downfall Near?
Even though the whale activity took a hit, itâs not game over for Shib. Believe it or not, 73% of SHIB is still held by large holders (whales). So, they are still confident enough to hold big portions. On top of that, while 46% of holders are currently in the red, 49% are still in profit at the current price levels. Itâs a mixed situation, but it shows that Shiba Inu is hanging on.
Right now, SHIBâs price is sitting near $0.00001564, and itâs facing some resistance at around $0.00001760. If it breaks above this, it might have a shot at $0.00001800. But since whale transactions have slowed down, getting enough momentum for a long-term breakout could be a challenge. Still, it gives some room for buyers who want to get in while itâs low.
The Shiba Burn Campaign Keeps Going
Shiba Inu isnât just about prices. The community has been actively burning tokens to reduce the supply. In September, they burned over 2.37 billion SHIB, a massive 249% increase compared to August. But October hasnât kept up the same pace â so far, just 2.3 million SHIB have been burned, down 92% from last month.
Shiba Inuâs marketing lead, Lucie, also pointed out that the token contracts for SHIB, BONE, and LEASH are renounced, meaning the developers canât change supply or manipulate the market. Itâs another reason Shiba Inu remains an interesting decentralized project.
Fudders Gonna Fud: Why Calling the Shib Ecosystem a Scam Makes You Look CluelessLetâs clear something up: the token contracts for Shib, BONE, and LEASH have been renounced. Calling the Shib ecosystem a scam isnât just wrongâit makes you look like you missed crypto 101. Shib,⊠pic.twitter.com/ImpP1eW6Lf
â đđđđđ (@LucieSHIB) October 3, 2024
Shiba Inu Still Has Potential
Yes, the recent drop in whale activity is a concern, but Shiba Inuâs strong community, burn efforts, and decentralized nature show thereâs still life in this meme coin. Itâs risky, sure, but for those who believe in the projectâs long-term vision, SHIB could possibly pay off.
Also Read : AI Crypto Tokens Crash! $4.69 Billion Wiped Out in Just 3 DaysâIs âUPtoberâ Over?
