• Shiba Inu (SHIB) is the world’s second-largest meme token, and its price has been increasing along with the rest of the cryptocurrency market.
• Whales have been showing a significant amount of interest in the token, but there is a need for a brief correction in order to cool down SHIB and the market as a whole.
• The burn rate of SHIB tokens has returned to the levels that are typically observed when the network is operating normally.
The price of Shiba Inu (SHIB), which is the world’s second-largest meme token, has been increasing along with the rest of the cryptocurrency market. In the previous twenty-four hours, the token’s value has increased by 3.6%, while in the past seven days, it has decreased by 3.75%.
This increase in the price of SHIB has caught the attention of whales, who have been showing a significant amount of interest in the token. However, with the current market situation, there is a need for a brief correction in order to cool down SHIB and the market as a whole.
On the 26th of January, there was a significant reduction in the number of SHIB tokens that were burnt on the network, which could have been seen as a signal of declining network activity. Thankfully, the burn rate has now returned to the levels that we typically observe when the network is operating normally.
SHIB failed to push through the protracted downward trend and made a U-turn at the three-month regression line. If the current trend on the market continues, the meme token will revert to the downward movement dynamic. This could make whales less interested in the token, as they would expect a decrease in the price.
In order to prevent a downward trend in the SHIB token price, it is important to ensure that the network activity remains high. This means that more tokens need to be burnt on the network, as well as more transactions taking place. This can be done through a variety of methods, such as incentivizing users with rewards for participating in the network.
Ultimately, the price of SHIB will depend on the activity of the network and the interest of the whales. If the whales are no longer interested in the token, then the price will likely decrease. However, if the network activity remains high and the whales continue to show interest in the token, then the price of SHIB should remain stable.