Shiba Inu (SHIB) out of Trillionaire Club for Today
2024-10-29

As whale-tier trading volumes have significantly decreased, Shiba Inu is no longer a member of the trillionaire club. This is concerning for the asset's price stability and future growth prospects. Large transactions have decreased to a 24-hour low of 44 transactions according to recent on-chain data, and the overall volume has significantly decreased to 895.12 billion SHIB. 
Larger investors are frequently regarded as the foundation of price momentum, and their decreased activity is casting doubt on the asset's near-term prospects. When whales or big investors are actively involved, their sizable buy-ins typically support and raise the price. Shiba Inu does not, however, have the purchasing power required to support any significant rally given the current outflow.SHIBUSDT Chart by TradingView">
Because of the drop in whale interest, the market is now largely dependent on individual traders. Despite the continued high level of retail interest in SHIB, it is evident that smaller individual investors are unable to match the purchasing power that whale wallets offer. Because of this, SHIB might find it difficult to reach its prior highs in the absence of fresh whale activity.
Technically speaking, the price chart indicates that Shiba Inu is positioned dangerously close to its support levels, and that there are no imminent strong bullish signals. In the event that larger investors do not come back to offer support, moving averages may be indicating a reversal or further decline. Furthermore, RSI levels have been low, suggesting that there is not much momentum either way. However, the drop in volume may tip this balance in the direction of bearishness. 
SHIB will probably need a rebound in high transaction volumes or a major catalyst to draw whale-tier investors back into the market in order to regain momentum. If this pattern of low whale activity continues, the asset may have more downside risks and difficulties recovering until then.