Whale Sell-Offs
Recent data suggests that Shiba Inu (SHIB) whales have been selling off their holdings in droves. The number of large transactions (over $100,000) has surged by 400% in the past day.
Downward Trend
This whale activity has contributed to a sharp decline in SHIB’s price, causing it to fall below the critical resistance level of $0.00002. The meme coin has also lost significant market capitalization, dropping to 12th place in the crypto rankings.
Blue Chip Status in Doubt
SHIB’s recent performance has raised questions about its blue-chip status. However, analyst Vapor remains optimistic, believing that SHIB will maintain its prominence during the upcoming altcoin season.
Reasons for Optimism
Vapor cites several reasons for his confidence in SHIB:
- Blue-chip advantage: Blue-chip meme coins like SHIB have advantages over other altcoins, making them attractive investments during a bull market.
- Mass retail appeal: Retail investors are likely to favor established meme coins like SHIB, which are listed on major exchanges.
- Historical precedent: In 2021, mass retail drove the surge in meme coin prices. Vapor believes this pattern could repeat itself.
