Shiba Inu (SHIB) tokens have been causing a stir in the cryptocurrency market, especially with the recent surge in popularity of meme tokens. However, this meme-inspired popular token has recently been on a downward trend, causing investors to question its future prospects.
Due to the uncertainty around SHIB coins, a 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 coin and whether now is a good time to get in.
Shiba Inu (SHIB) Hits “FTX Low” After Weeks of Freefall
The Shiba Inu token has been on a continuous downward trend for nearly four weeks, causing its value to fall to the so-called “FTX low”.
This refers to a price range of about $0.0000082 per SHIB, last seen in November 2020 when one of the largest cryptocurrency exchanges, FTX, declared bankruptcy.
Amid the turmoil in the cryptocurrency market, Shiba Inu coin continues to make headlines. As of CoinGecko’s latest update, the price of SHIB is $0.000008896, down 1.19% in the last 24 hours. However, the token has experienced a precipitous fall of 11.56% in the past 7 days, reminding us of the unpredictability of the market.
Despite a 94% increase in SHIB’s value over the past six months, it has now dropped to an all-time low. This has raised concerns among investors about whether the token is still a viable investment option.
Positive Signs Amid Meme Coin Market Turmoil
Following the recent spiral decline of Shiba Inu tokens, there are still some positive indicators that investors should pay attention to. According to a report by IntoTheBlock, in the current market turmoil, large holders have shown a high level of buying activity.
The report shows a significant increase in net inflow from large holders since Sunday. The data indicates that the net inflow into SHIB has increased by 1.35 trillion, suggesting that investors holding more than 0.1% are actively accumulating.
Increased Buying Activity
The buying activity of these large holders suggests that they are confident about the long-term prospects of the token. This also means that they anticipate a potential rebound in value in the near future.
While the current market conditions may pose a challenge for SHIB, investors may find some comfort in these positive signs.