After Huge Plunge in Transaction Volume, Can Shiba Inu (SHIB) Whales Trigger a Rebound?

Shiba Inu (SHIB), the dog-themed meme coin, has in the last 24 hours experienced a huge plunge in transaction volume. This has triggered a pullback

Shiba Inu (SHIB) price slipped on Thursday despite a 0.72% recovery in the last 24 hours as the dog-themed meme coin experienced a huge drop in transaction volume.

This has triggered a pullback on the part of investors’ bets on the token as it slipped into the red zone.

Can Shiba Inu whales trigger rebound?

According to CoinMarketCap data, SHIB’s volume plunged by 20% to $174.02 million within this time frame. The development has affected price growth as SHIB decreased from a peak of $0.0000146 to a low of $0.00001408.

However, despite this massive decline in trading volume, the drop in price could prompt large holders to step in and add more Shiba Inu to their portfolio, adding a twist that can fuel a rebound.

Notably, whales always seek a buying opportunity, such as a declining price, to increase their holdings. As a rule, when whales quietly buy during low volume to increase their holdings, it might trigger a breakout, as increased accumulation could boost demand.

If the SHIB ecosystem records increased demand for Shiba Inu tokens, the price would climb upward.

As of press time, Shiba Inu has recovered and is trading at $0.00001456, representing a 0.72% decline. Notably, this is an improvement from its previous low of $0.00001408.

SHIB Army gets right inspiration

In addition to whale action, the community could decide to activate and increase its burn rate, which has plummeted by 49.92% in the last 24 hours. Within this period, only 26.99 million SHIB tokens were incinerated.

If this deflationary mechanism records a massive increase, it could support a rebound for the dog-themed meme coin.

Another bullish twist in the ecosystem that could positively affect the price is that, recently, SHIB flipped Bitcoin Cash (BCH). This development could catalyze holders to commence accumulation as it signals potential for further growth.

The post Shiba Inu price remains in the red despite community support and burning activity appeared first on TokenPost.web3.