Shiba Inu Trading activity by holders has managed to recover from the low levels recorded some time ago.
As Koinfinans.com reported, in addition to the increase in leveraged transactions in the cryptocurrency market, the disappointment of expectations for the spot Bitcoin ETF triggered sharp declines in the market. Affected by the decline, SHIB gained positive momentum by falling below the psychological level of $0.00001.
However, the Shiba Inu has also helped revive the whale activity. According to on-chain data from IntoTheBlock, SHIB whale activity is up 700%, largely due to a significant increase following yesterday’s drop.
This increase helped Shiba Inu briefly rise above $0.00001 as Whales took advantage of the market decline to increase their portfolios and lower their average entry price. However, this situation SHIBIt doesn’t take away from the fact that it fell as low as $0.00000932 in the flash crash.
The price has now shown a recovery, moving towards $0.000009975. However, during the decline, its market value lost nearly $400 million. Although Shibarium and other technical developments in the network did not have the expected impact in 2023, they helped to gain up to 70% in total. Increased whale activity could also help stabilize prices in the short term and prime the token for a comeback.