Important developments are taking place for Shiba Inu SHIB, which is the star of 2021 in the cryptocurrency world. While the ecosystem is growing, whale movements continue. However, we should also point out that at this point, there is no situation reflected in the price yet.
SHIB whales at work
As we approach the end of the month and the third quarter, many altcoins are struggling to leave a positive mark on the performance of the period. There are difficulties in the growth journey for Shiba Inu (SHIB). Accordingly, as CoinMarketCap data reveals, there is an atmosphere that has not yet translated into significant gains. What is undoubtedly an unstable journey here is marked by a few positive foundations.
At the time of writing, the Shiba Inu SHIB is witnessing significant whale activity with transaction volume reaching $79,975,595. It also marks an impressive 31% growth overnight. While the increase in trading volume is indicative of a thriving and highly liquid Shiba Inu ecosystem, it may not be enough to trigger a corresponding increase in price. Steps need to be taken to make the 3rd quarter of this year the most important month for meme coin. Accordingly, more effort will be required to accumulate SHIB tokens.
Challenges and opportunities
In reality, Shiba Inu SHIB has struggled to post positive quarterly results this year. In the last three months, the token has lost 4.1%. Additionally, its six-month growth dropped by 32.69%. Year-to-date (YTD) growth represents a decline of over 13%.
However, if major market participants in the Shiba Inu SHIB ecosystem can apply stronger buying pressure, the current narrative and outlook will change significantly. On the other hand, this would result in a modest 5% increase that could offset losses over the last three months.
Is it too late?
Shiba Inu SHIB has a hidden adoption gem in the form of Shibarium as its dApp library gradually gains momentum. Of course, it doesn’t have the potential to reach a major milestone in a short time. However, Shibarium will lay the foundation for significant growth for the Shiba Inu in the long term.
As we stated as Kriptokoin.com, ultimately, Shiba Inu is looking for a successful 3rd quarter. Moreover, this success is based on the actions of SHIB whales and market makers. The crypto community is wondering whether these key players can turn the tide. On the other hand, it will be watching closely to see if it can push SHIB towards a positive outcome for the quarter.
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