Meme coin Shiba Inu has witnessed an 8% increase in price over the last 24 hours, resuming its uptrend. This positive momentum in price is noteworthy.
However, a concerning factor has surfaced with a significant 70% decline in whale activity within a single day, according to data from IntoTheBlock, a prominent on-chain analytics platform. Whales, large holders of the cryptocurrency, play a crucial role in influencing market trends and stability.
This decline in whale trading volume stands in stark contrast to the price uptick, raising questions about the sustainability of Shiba Inu's recent price rise. There is a potential risk that the reduced whale activity could adversely affect the coin's future price stability, suggesting caution among investors.
Such contrasting indicators between price movements and whale activity point to the need for further observation and potential reevaluation of investment strategies by Shiba Inu holders.
