Shiba Inu Coin

Shiba Inu Price Analysis : Big Whales Are Investing – Another Price Pump Is Near.

Although the recent price drop in the Shiba Inu meme token may have alarmed certain trading groups, the huge cryptocurrency market participants, often known as whales, do not appear to be concerned.

Whales Are Investing

The average price paid for a whale-tier location has remained constant at $1 million. A total of 20 billion tokens were acquired on average. Since Oct. 28, whales have been steadily accumulating more SHIB coins with each downturn.

Ethereum was the second-largest coin with substantial purchasing power, with an average purchase amount of $176,000, or 39 ETH, respectively.

Shiba Inu

Shiba/Usd 1 Day Price Chart: Source – Coinmarketcap.com

Impact of Whales On The Cryptocurrency Market

The presence of more whales is typically regarded as a positive indication for an asset, as significant traders and investors influence market pricing and have the ability to shift the trend’s direction.

Though whale-tier addresses are normally welcomed by cryptocurrency traders, if the asset is deemed illiquid, practically any selling volume from whales on the market might “crash” the price or create a sharp decline.

The biggest source of selling pressure on the bitcoin market is mainly retail traders’ selling pressure. A sell-off normally cools down as the share of small (retail) wallets diminishes, which is presently apparent on the Shib chart.

The price of the SHIB meme token surged by 13% in the previous 24 hours, but then immediately retracted by 5%. The price of the token has not moved significantly in the recent week, compared to the volatility, which has fallen from an average of 30% to 10%

Leave a Comment

Your email address will not be published.