Despite being one of the most popular crypto tokens, Shiba Inu (SHIB) has struggled for most of 2023. While Bitcoin (BTC) is up by 59.2% since Jan. 1, SHIB is down by 10.3% in the same time frame. Fans and users are now eyeing the Christmas holiday as a possible turnaround period for the project.
Although the token did make some gains in the first two months of the year, it has been on a downward trend since February. Many are hopeful that Shiba Inu (SHIB) will delete a zero or two (after its decimal) from its price this holiday season, which is about 100 days from now.
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According to a report by CryptoTicker, if SHIB is able to register a daily growth of 1.14% for the next 100 days, the token could reach a price of $0.000009210. As it is clearly visible, SHIB’s price will not delete even a single zero at this growth. Moreover, there is no guarantee that SHIB will grow at this fixed rate every day. In fact, the token could even see a plunge for the worse.
However, if the larger crypto market is able to pull out of the current slump by the holiday season, we should see an increase in SHIB’s prices as well. Whether or not it deletes a zero, is yet to be seen.
Shiba Inu whale activity plunges
Another reason why SHIB’s prices may not rally is the fall in whale activity. The number of whale transactions has fallen below 30, and the volume is around $10 million. This represented a 60% drop. IntoTheBlock data shows that large transactions are down by 4.12%.
77% of SHIB’s supply is held by large addresses. A fall in large transactions could translate to a potential dip in price. It is possible that the whales are currently at a loss and are not moving their tokens around.
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However, a drop in whale activity could also mean more stability for the token’s price. Whale movements often lead to volatile price swings, and if SHIB whales are keeping mum, it could mean that they are holding quietly, waiting for prices to rise. If there were whale movements into exchanges, then it would have been a cause for worry. However, no such activity has taken place as of yet.