Shiba Inu (SHIB) is facing a sharp drop in price and whale activity.
SHIB's decline is raising doubts about the meme coin's future in a competitive crypto market.
Shiba Inu saw a significant drop in the number of transactions per day on its network, and large holders of the crypto asset have reduced their activity according to data from the Etherscan explorer. On the other hand, the number of these transactions decreased significantly, which has marked a period of inactivity, rarely seen in the history of the meme currency.
Several factors appear to be causing this sudden decline in whale activity, including the apparent stagnation of the project.
One possible reason for this exodus is the growing interest in highly volatile assets like SHIB. With Bitcoin's growing dominance, many investors could be shifting their focus from riskier assets to more established ones. Bitcoin's stability and status as a flagship cryptocurrency have attracted investors looking for safer options in these uncertain times.
Furthermore, SHIB price performance over the past few weeks has been less than inspiring. Currently trading at $0.000006861, the meme coin has fallen over 33% since the start of 2023.
CURRENTLY SHIBA INU IS DEVELOPING A UNIQUE BLOCKCHAIN BASED ON PARTICIPATION ALGORITHM (POS).
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