Shiba Inu's Price Surge Fades as Bears Take Control
Shiba Inu's recent rebound has been short-lived, with the price dropping nearly 20% from its two-month high of $0.00000582 (per CoinGecko) due to a lack of momentum after the initial surge.
The meme coin had seen a 35% price jump just days ago, fueled by a whale that resumed accumulating SHIB and the resurgence of the burning mechanism.
However, according to analytics platform Santiment, retail investors joined the party too late, providing whales with the liquidity needed to reduce their exposure, thus leading to the decline in price.
The platform noted that 52 whale transactions occurred on a single day, the most since March 31, which 'strongly suggests larger holders took profits into strength.'
As the cryptocurrency market flashes red again, it seems likely that SHIB may experience further declines in the near term, with rising exchange reserves and stalled activity on Shibarium contributing to this trend.