Shiba Inu (SHIB) Makes Headlines with a Steep Decline in Whale Activity – Is Its Downfall Near?

Shiba Inu is once again making headlines with a steep decline in whale activity. The large transaction volume dropped by 35%, falling from nine trillion

Shiba Inu (CRYPTO: SHIB) is once again making headlines, but this time for a steep decline in whale activity. According to Wu Blockchain, large SHIB transactions (over 100,000) hit a low of four trillion on Oct 21. In comparison, the large transaction volume reached nine trillion SHIB on Sep 27, marking a decrease of 35%.

This latest development is sure to make many investors nervous, considering how whale activity has been a major force behind SHIB's massive price swings in the past. So, is the meme coin losing its charm among the big players?

Shiba Inu Price Today: Live Marketcap, Chart, and Info

Shib Might Be Down, But It’s Not Out

While the drop in whale activity is significant, it's important to note that the meme coin still has a lot going for it. For one thing, 73% of SHIB is still held by large holders (whales). This shows that, despite the recent downturn, they are still confident enough in the token to be holding onto large portions of it.

Another interesting point is that, while 46% of holders are currently in the red at the current price levels, 49% are still in profit. This indicates that the majority of SHIB holders are still hanging on, even as the token price struggles to find support.

Right now, SHIB's price is sitting near $0.00001564. It's facing some resistance at around $0.00001760, and if it can break above this level, it might have a shot at reaching $0.00001800. However, since the whale transactions have slowed down, it could be a challenge to gain enough momentum for a long-term breakout. Still, this gives some room for any buyers who want to get in while SHIB is trading at a low price.

Shiba Burn Campaign: October Slowdown

Apart from the token price and whale activity, another key aspect of Shiba Inu that has been gaining attention is the burn campaign. The community has been actively burning tokens to reduce the massive supply of SHIB.

According to Shibburn, they managed to burn a total of 2.37 billion SHIB in September, which is a massive 249% increase in burn rate compared to August. However, October's burns haven't been keeping up with the same pace. So far this month, only 2.3 million SHIB have been burned, which is a 92% decrease from last month.

Shiba Inu's marketing lead, Lucie, also took to Twitter to point out a crucial detail about the token contracts for SHIB, BONE, and LEASH. According to her, these contracts are renounced, which means the developers can't change the supply or manipulate the market in any way - a key point that sets Shiba Inu apart and makes fudder claims seem baseless.

Fudders Gonna Fud: Why Calling the Shib Ecosystem a Scam Makes You Look Clueless

Let’s clear something up: the token contracts for Shib, BONE, and LEASH have been renounced.

Calling the Shib ecosystem a scam isn’t just wrong—it makes you look like you missed crypto 101. Shib, BONE, and LEASH… https://t.co/ImpP1eW6Lf pic.twitter.com/ImpP1eW6Lf

Shiba Inu Still Has Potential To Rally

The recent drop in whale activity is a valid concern, but when you look at the bigger picture, Shiba Inu still has a lot of potential to rally, thanks to its strong community, burn efforts, and decentralized nature.

Of course, investing in SHIB is still risky, especially considering how it's a meme coin that can be heavily influenced by hype and trends. But for those who have faith in the project's long-term vision and are willing to take on the risk, SHIB could possibly pay off in the end.

Also Read: AI Crypto Tokens Crash! $4.69 Billion Wiped Out in Just 3 Days—Is “UPtober” Over?

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