Shiba Inu (SHIB) coins have been creating a buzz in the cryptocurrency market, particularly with the recent surge in popularity of meme coins. However, the popular meme-inspired token has experienced a downtrend in its price recently, leaving investors wondering about its future prospects.
With the uncertainty surrounding SHIB coins, the question on many investors’ minds is whether now is the right time to invest in this cryptocurrency.
Let’s explore the potential of Shiba Inu coins and whether now is the right time to jump on board.
Shiba Inu (SHIB) Hits ‘FTX Low’ After Weeks Of Freefall
Shiba Inu token has been experiencing a continuous downward trend for almost four weeks now, leading to its value dropping to what is commonly known as the “FTX Low.”
This refers to the price range of around $0.0000082 per SHIB, which was last seen in November 2020 after FTX, one of the biggest cryptocurrency exchanges then, announced its insolvency.
Amid the volatility of the cryptocurrency market, Shiba Inu coins continue to make headlines. As of the latest update on CoinGecko, the price of SHIB stands at $0.000008896, down 1.19% over the last 24 hours. However, the coin has experienced an 11.56% slump in the past seven days, reminding us of the unpredictable nature of the market.
Despite showing a promising 94% increase in value over the past six months, SHIB has now crashed to its current all-time low. This has raised concerns among investors regarding whether the token is still a viable investment option.
Positive Signs Amid A Turbulent Market For The Meme Coin
In the wake of the recent downward spiral of the Shiba Inu token, there are still some positive indicators that investors should take note of. According to a report by IntoTheBlock, large holders are showing a high level of buying activity amidst the current market turbulence.
The report shows there has been a significant increase in net inflow from large holders since Sunday. The data shows that the net inflow has risen by 1.35 trillion SHIB, indicating that investors who hold more than 0.1% of the coin are actively accumulating the token.
SHIB total market cap currently at $5.3 billion on the daily chart at TradingView.com
Increased Buying Activity
This buying activity from large holders suggests that they have confidence in the long-term prospects of the token. It also implies that they are anticipating a potential rebound in value in the near future.
While the current market conditions may be challenging for SHIB, investors may find some comfort in these positive signs.
-Featured image from Pixabay