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Shiba Inu’s large network transactions have plummeted. The number of major transactions on the network dropped to 20, marking one of the most inactive periods for the meme coin, especially when it comes to the activity of its large holders.
Several factors could be contributing to this sudden drop in whale activity. One of the possible reasons could be the decreasing interest in highly volatile assets like SHIB, especially as the cryptocurrency market sees Bitcoin’s dominance increasing. As the flagship cryptocurrency continues to assert its dominance, many investors could be reallocating their portfolios, away from riskier assets toward more established ones.
Furthermore, the evolution of Shiba Inu prices in recent weeks has not been particularly encouraging. Currently, SHIB is trading at $0.00000723. Over the past two weeks, the meme coin has struggled to maintain consistent upward momentum, often facing resistance levels that have prevented any significant price gains. This lackluster performance could be discouraging for large holders, leading them to reduce their activity or even unload some of their holdings.
The decline in whale activity and the subdued SHIB price action could be indicative of broader sentiment in the market. As the crypto space matures, investors become more discerning and often opt for assets with strong fundamentals and use cases. While meme coins like Shiba Inu have enjoyed their moments in the spotlight, sustained interest and growth requires more than just social media hype.
It is essential to note that meme assets are extremely volatile and trends can change quickly. While SHIB is currently facing a period of reduced whale activity and price stagnation, this does not necessarily spell doom for the coin. The crypto space has seen numerous comebacks and with the right catalysts, Shiba Inu could very well find its way back into the spotlight.
