Shiba Inu (SHIB) has been facing challenges in the volatile crypto market lately, with its price struggling to gain traction. Despite a major rally from mid-June to mid-August, investors are now faced with the reality that these gains have been almost entirely wiped out.
As we enter the final quarter of the year, Shiba Inu's price has exhibited a lackluster performance, hovering dangerously close to its July/August lows. This has cast a shadow of doubt over the optimism that once surrounded it. A recent price analysis indicates that SHIB has given up over 70% of its gains achieved during its summer surge. Shiba Inu sees 77% accumulation by major investors, potentially positive for SHIB price.
According to CoinGecko, SHIB is currently trading at $0.00000762. Over the last 24 hours, it has experienced a modest 0.3% decline, while the seven-day chart shows an insignificant loss of 2.8%. These figures highlight the prevailing bearish sentiment that has engulfed the Shiba Inu token since mid-August, with the Relative Strength Index (RSI) remaining below the crucial 50-neutral level.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
Shiba Inu Large Holders Up
In light of the recent price volatility of Shiba Inu (SHIB), there has been a significant development in the Shiba Inu network that has caught the attention of market observers. According to IntoTheBlock, a prominent analytics platform, large investors have recently increased their concentration of SHIB tokens. This shift in ownership dynamics could potentially impact the token's price trajectory, making it a noteworthy development in the Shiba Inu ecosystem.
The chart below presents data that clearly shows a compelling trend with a significant 77% increase in the number of holders of this meme coin. This surge in the number of holders indicates a noteworthy uptick in the distribution of SHIB tokens among a broader spectrum of market participants. The increase in the holder base suggests a growing interest and participation in the Shiba Inu project, which could potentially serve as a catalyst for renewed optimism and price appreciation.
SHIB Outlook
The fate of Shiba Inu in the short term remains uncertain. However, the recent attention from whales has added an intriguing element to the story. The crypto community is closely watching to see if the whales are positioning themselves for a resurgence of SHIB or if there is more to this story than meets the eye.?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.