There’s a buzz on the Shiba Inu (SHIB) network, but not for the reasons you may expect. Whales have moved a startling $115 million worth of SHIB, resulting in a 5x increase in major transactions. The real point, though, is that the pricing is not keeping up.
SHIB is trading at $0.00000723 as of the most recent data, a value that has been declining. Why is there a discrepancy between whale activity and price movement? Let’s get going.
First, let’s talk loudness. It has quickly tripled and exploded. Typically, pricing should follow volume, but not this time. There is a confusing scenario because the price keeps falling. Is it possible that whales are buying more SHIB at lower prices in anticipation of an upswing? Alternately, it’s possible that companies are diversifying their portfolios by relocating assets without necessarily selling them.
Whatever the case, this whale migration has both advantages and disadvantages. It might be a bullish indication because it demonstrates that major players are still interested in SHIB. On the other side, the price decline may cause smaller investors to lose faith in the market, which would trigger more sell-offs.
It is important to remember that the status of the cryptocurrency market as a whole is unstable, which may be affecting the price of SHIB. In a recent piece, we spoke about how Ethereum’s price is in trouble as well, despite good news. This can be a component of a wider market trend from which SHIB is not exempt.
What does this mean for us now? The increasing whale activity can signal the beginning of something greater, or it might just be market commotion. In either case, it is a scenario worth monitoring, especially if you have investments in SHIB or are thinking about getting some.
