Shiba Inu has once again topped the list of whale’s interest. This interest may have been prompted by Shiba Inu’s efforts to build on the metaverse. However, Shiba Inu hasn’t been able to perform well in the NFT and DeFi market.
Can whales really help SHIB?
In a recent tweet, WhaleStats stated that the top 100 ETH whales are holding $129 million dollars worth of SHIB.
One of the reasons for their interests could be the SHIB team’s increasing efforts to build an ecosystem of DeFi, NFTs, and a metaverse around their token.
Still a long way to go
SHIBASWAP, Shiba Inu’s DeFi protocol, has seen a massive decline in its growth, and its total value locked (TVL) has gone down significantly since May.
The count has gone from 121.74 million all the way to $27.9 million in the past four months.
Even though there was a slight uptick observed in the month of September, the TVL has continued on its downward trajectory. Well, SHIB’s lack of growth in the DeFi sector could be a cause of concern for potential investors.
Source: DeFi Lama
But it isn’t the only concerning factor, as can be seen from the image below. Shiba Inu’s NFT volume has also reduced drastically over the last three months.
There is a spike in the NFT volume that occurred in July, however, the volume has been on a downward trajectory since.
It appeared that the hype around the Shiboshis NFT and community has died out and it will take some effort from the team at Shiba Inu’s end to revive their NFT’s growth.
Source: Santiment
That said, over the past week, Shiba Inu’s social dominance metric has gone down. In fact, the weighted sentiment around the token has been negative too. Thus, indicating that the crypto community hasn’t been looking positively at the token.
Source: Santiment
Even though whale interest is a positive indicator for the token, it shouldn’t be the only factor that should be considered while entering a trade.
Shiba Inu’s volume and market cap dominance has also been on a decline. Well, these are the factors that should definitely be taken into account while making a decision.
Readers should also look into the SHIB burn project and how burning Shiba Inu tokens could be having an effect on the overall price.
