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As on-chain data shows a sharp drop in whale transactions, Shiba Inu is still having difficulties. Nearing zero activity, the number of large SHIB transfers has fallen by 93%. Major investors' lack of interest is indicated by this steep decline, which raises questions about the token's prospects going forward.
The price of SHIB has been steadily declining, and it is currently trading at about $0.00001646. Whale transactions have decreased, which may indicate that wealthy investors are pulling out of the asset, which would lower overall liquidity and buying pressure. A major contributing factor to SHIB's inability to increase its momentum is the absence of whale activity. In addition, the asset's trading volume has drastically decreased, which has strengthened the pessimistic outlook.
The absence of significant buy orders and poor investor participation suggest that a recovery may be becoming less likely. There is little support for a sizable price recovery because whale transactions are essentially nonexistent. Retail investors might not have enough purchasing power to propel SHIB to all-time highs. SHIB has little chance of turning around its losses in the absence of robust demand, and the overall market is still unpredictable.
SHIB would have to overcome significant resistance levels at $0.00001769 and $0.00002016 in order to try a recovery. This scenario seems improbable, though, given the lackluster demand. The current state of Shiba Inu is dire as market sentiment is not improving, and whale transactions have reached all-time lows.
In the absence of a significant catalyst, there is little chance of a significant recovery. SHIB may continue to struggle in the absence of substantial buying interest from major investors, so traders should proceed with caution.
Denys Serhiichuk
Godfrey Benjamin
Dan Burgin
Vladislav Sopov