Shiba Inu is Dying! Whales are Moving in to Help Cure Bearish Trends

Shiba Inu is dying and investors are bracing themselves for much bigger financial losses

The most-viewed cryptocurrency of 2021 is falling on hard times once again, testing investors' patience. Earlier, Shiba Inu's value was closely determined by its usability, however, times have changed now as Elon's influence over the memecoins has intensified over time. Quite recently, Shiba Inu rose for a brief period of time with Dogecoin when Musk closed his much-controversial Twitter deal. But the token fell again as a result of the FTX contagion. It is quite evident that Shiba Inu's value is constantly fluctuating and is highly dependent on external factors. Even though the SHIB community is growing, it is needless to mention that Shiba Inu is dying. The ongoing circumstances are quite ironic given that a few months ago experts were predicting that either Shiba Inu or Dogecoin will overthrow Bitcoin's dominance over the market. Nevertheless, SHIB's value is also dependent on the performance of the flagship token. Market sentiments over Shiba Inu are only reduced to the influence of other cryptocurrencies and external factors on the memecoin. The minor and sudden spikes in the Shiba Inu price resemble a lot of Bitcoin's past performance. This is one of the many reasons why investors and market analysts are comparing the memecoin with Bitcoin and have concluded that Shiba Inu is dying, just like BTC!

SHIB Whales Step in to Save the Crypto from Oblivion

 Just a few days ago, analysts predicted that the Shiba Inu price was set to reach new yearly lows and would record the worst performance in the history of cryptocurrencies. After Terra's massive debatable, earlier this year, FTX was the next biggest blow. FTX's fall happened at a time when the memecoins were rallying again to generate profits. Meanwhile, as the crypto assets ecosystem is still trembling, crypto broker Genesis announced halts in repayments and withdrawals. These factors have massively interrupted Shiba Inu's growth.

 It is quite safe to say that the past week has been quite harsh to the crypto. Bearish trends in Shiba Inu continued to intensify. According to reports, the meme coin demonstrated a 7% to 8% loss even though the token was massively accumulated by crypto whales. These circumstances can only be attributed to large bearish market sentiments. The percentage of Shiba Inu holders that have acquired the token has risen by over 50%, within a year, demonstrating a bullish sentiment among whales. However, investors have a hard time believing in its prospects. Furthermore, the current downtrends in market sentiments are barring crypto traders from massively indulging in crypto investments. Infact, as the mainstream economic and financial downturns rise financial and investment leaders are prohibiting investors from investing in riskier assets like cryptocurrencies.

Is Shiba Inu redeemable?

As per reports, Shiba Inu demonstrated a 92% jump in its trading volumes despite the recent market drops. Critics say higher volatility often leads to high trading volumes. Investors are in hope of garnering massive profits and are avoiding any chances of missing out on them. Atleast we can say that SHIB's rising volume, caused by investors accumulating on its current lows, will account for something in the months to come. SHIB whales are making larger moves on the market as the number of large transactions has dramatically increased over the past couple of weeks. We can only hope that investors ignore how Shiba Inu is dying and focus on redeeming the crypto to establish a strong future for the SHIB community. And if not, long-term Shiba Inu investors should start reserving their funds and brace for a major loss impact.