• The whales have been showing a significant amount of interest in the meme token Shiba Inu (SHIB).
• There was a significant reduction in the number of SHIB tokens that were burnt on the network.
• SHIB failed to push through the protracted downward trend and made a U-turn at the three-month regression line.
Since the beginning of the bull market in 2023, the price of Shiba Inu (SHIB), which is the world’s second-largest meme token, has been increasing along with the price of the rest of the cryptocurrency market. In the previous twenty-four hours, the token’s value has increased by 3.6%, while in the past seven days, it has decreased by 3.75%.
The whales, or those with a large amount of tokens, have been showing a significant amount of interest in the meme token. This has made some retail investors hesitant to get into the project as a sale of tokens by the whales would result in a precipitous decline in the price of the token. On the other hand, the difficulty or unwillingness of whales to drive the token’s price any further may be connected to the need for a brief correction that would cool down SHIB and the market as a whole.
On the 26th of January, there was a significant reduction in the number of SHIB tokens that were burnt on the network. This dip might be seen as a signal of declining network activity, which is unfavorable to SHIB and should be avoided at all costs. The burn rate, as well as the general activity of the Shiba Inu network, are thankfully seeing a recovery. The burn rate has now returned to the levels that we typically observe when the network is operating normally.
SHIB failed to push through the protracted downward trend and made a U-turn at the three-month regression line, which suggests that investors are not interested in further driving the price of the token. If the current trend on the market continues, the meme token will revert to the downward movement dynamic, at which point the whales may become more interested in the token.
Overall, it is difficult to predict the future of SHIB and its whales. Although the current trend is not favorable to the token, the recovery of its burn rate might attract more investors and push the token’s price in a positive direction.