Shiba Inu Whales Pull Back as SHIB Price Drops

Vignesh Karunanidhi
Mystery Shiba Inu Whale Snaps Up $444K in SHIB Amid Recent Rally
Source: Analytics Insight

Shiba Inu (SHIB), a crypto known for its meme-inspired beginnings, has experienced price fluctuations. Nevertheless, the project has made significant strides in terms of utility and development initiatives.

Setting itself apart from other meme coins, Shiba Inu distinguishes itself by actively participating in development projects and regularly updating its community to ensure transparency and communication.

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The latest data has shown that Shiba Inu has lost over 4% in the last seven days. The recent drop in price has lured the whales to act accordingly. According to IntoTheBlock data, there has been a net flow of 50 billion SHIB in the last 48 hours.

Source: IntoTheBlock

Shiba Inu whales net outflow remains low

The data shows that there has been no major buying activity in the past 48 hours. Additionally, the whale address outflow has also been on the lower side recently. This is a likely indication that the whales are refraining from major selling activities amidst the recent drop in prices.

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CoinMarketCap data shows that SHIB is trading at $0.000007569, with a 1% drop in value over the last 24 hours. The second-largest meme coin has also lost 10% of its value over the course of the last 30 days. However, SHIB seems to be holding strong at its $0.000007 support level.