• Whales have been showing increasing interest in Shiba Inu (SHIB) since the start of the bull market in 2023, but their interest has cooled down recently.
• The decrease in the number of SHIB tokens burnt on the network could be seen as a sign of declining network activity.
• The burn rate has returned to normal levels and SHIB is now trading above the three-month regression line.
The meme token Shiba Inu (SHIB) has been on an upswing in the past few months, thanks to the bull market in the cryptocurrency market. SHIB is the world’s second-largest meme token and its price has gone up by 3.6% in the past twenty-four hours. However, the past seven days have seen a decrease of 3.75% in its value.
The whales have been showing a significant amount of interest in the meme token since the beginning of the bull market. This has been a cause of concern for many retail investors as a sale of tokens by the whales could result in a precipitous decline in the price of the token. It seems that the whales’ interest in SHIB has cooled down recently.
On the 26th of January, there was a sharp decrease in the number of SHIB tokens that were burnt on the network. This could be seen as a sign of declining network activity, which is unfavorable to SHIB. Thankfully, the burn rate has now returned to the levels that we typically observe when the network is operating normally.
The SHIB token has failed to push through the protracted downward trend and made a U-turn at the three-month regression line. If the current trend on the market continues, the meme token will revert to the downward movement dynamic, at which point it could hit a new low. This is why it is important for the whales to keep their interest in SHIB alive.
Overall, the current state of SHIB is encouraging and it is likely that the token’s price will continue to go up in the near future. With the whales’ interest in the token staying steady, it is likely that SHIB will remain a popular meme token throughout the bull market.