Shiba Inu (SHIB) Token Sees 3.6% Increase, Whales Show Interest
• Shiba Inu (SHIB) token has seen an increase of 3.6% in the past 24 hours, while decreasing 3.75% in the past seven days.
• The whales have been showing a significant amount of interest in the meme token, but the difficulty or unwillingness of whales to drive the token’s price any further may be connected to the need for a brief correction that would cool down SHIB and the market as a whole.
• The burn rate has now returned to the levels that we typically observe when the network is operating normally, and SHIB failed to push through the protracted downward trend and made a U-turn at the three-month regression line.
The past twenty-four hours have seen a 3.6% increase in the value of the world’s second-largest meme token, Shiba Inu (SHIB), in line with the surge in the price of the rest of the cryptocurrency market. Despite this, the token’s value has decreased by 3.75% in the past seven days.
Whales, or large investors, have shown a notable interest in SHIB, causing some retail investors to be hesitant to enter the project. This is because when whales sell tokens, it can lead to a drastic fall in the token’s price.
On the 26th of January, there was a significant reduction in the number of SHIB tokens that were burnt on the network, which may have been seen as a signal of a decline in network activity, something that should be avoided. Fortunately, the burn rate has now returned to the levels seen when the network is functioning normally.
Instead of pushing through a downward trend, SHIB experienced a U-turn at the three-month regression line, a hint that the current trend in the market may continue. If it does, it is likely that the meme token will return to the downward movement dynamic.
While the whales’ lack of interest in SHIB token may have been a sign of a needed correction, the good news is that the burn rate is now back to its normal levels and the token is no longer showing a downward trend. It is yet to be seen, however, if the token will continue to rise in the coming days.