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The crypto market is currently extending its downward trend, with crypto assets beginning the week on a gloomy note and several tokens declining at press time. Shiba Inu is likewise experiencing volatility as it seeks a steady course. At the time of writing, SHIB had dropped 4.95% in the previous 24 hours to $0.00001984.As Shiba Inu seeks direction on the market, the substantial drop in whale activity also seems to be contributing to a period of uncertainty for SHIB.
The current profit-taking on the market might also have resulted in reduced positions and less market activity for whales. With little activity from large holders, or whales, smaller investors are left to evaluate the potential consequences, with many waiting for clearer signs before making significant moves.
The current market drop has brought SHIB closer to major support located in the range between $0.000014 and $0.000019, where 471.54 trillion SHIB were bought by 83,670 addresses, according to IntoTheBlock on-chain data. TheTomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.