Whale Activity Decline Impacts Shiba Inu Token Amid Volatile Crypto Market
The cryptocurrency market is witnessing a decline in whale activity for the dog-themed Shiba Inu (SHIB) token. Recent data shows a 56.78% drop in large transaction volumes, indicating reduced whale activity over the past 24 hours.
SHIB’s price is searching for a clear direction in an unpredictable market. Over the past week, the cryptocurrency market has experienced price volatility as investors speculate on the Federal Reserve’s future interest rate cuts.
Currently, the crypto market is extending its downward trend, with many tokens, including SHIB, starting the week on a grim note. At the time of writing, SHIB has dropped 4.95% in the past 24 hours, now trading at $0.00001984.
As Shiba Inu attempts to navigate the market, the significant reduction in whale activity seems to contribute to a period of uncertainty for SHIB. Although the precise cause of this decline is unclear, the broader crypto market’s fluctuations may have driven whales to the sidelines.
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The current profit-taking in the market has likely led to reduced positions and decreased whale activity. With less participation from major holders, or qqqqm are awaiting clearer signals before making significant moves.
The recent market downturn has brought SHIB closer to a crucial support range between $0.000014 and $0.000019. Within this range, 471.54 trillion SHIB were acquired by 83,670 addresses, according to on-chain data from IntoTheBlock. Investors are closely monitoring developments, searching for indications of SHIB’s next price phase.
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