The cryptocurrency market has faced significant turbulence recently, and Shiba Inu (SHIB) has not been immune to these fluctuations. In the past 24 hours, the price of SHIB plummeted by 7%, reflecting the broader market downturn. This sudden decline is largely attributed to external geopolitical factors that have dampened SHIB’s anticipated bullish movement for October.
Analyzing the 7% Shiba Inu Price Decline
The catalyst behind the recent price crash of Shiba Inu can be traced back to escalating tensions between Israel and Iran. On October 1, a conflict erupted when Iran launched missiles at Israel in retaliation for the death of Iranian-backed militia leader Hassan Nasrallah and others. This geopolitical strife has injected fear and uncertainty into the market, prompting a wave of sell-offs that have negatively affected SHIB’s value.
Geopolitical conflicts like the Israel-Iran situation often have a pronounced impact on global markets, particularly on risk assets such as Shiba Inu. The ripple effect of such tensions was further evidenced by the significant correction in Bitcoin (BTC) prices, which have plunged to a low of $60,000 since the missile strikes began.
The correlation between Bitcoin and Shiba Inu is well-documented, and as Bitcoin’s price slipped, SHIB was destined to follow suit. The potential for further declines looms large as Israeli Prime Minister Benjamin Netanyahu has indicated possible retaliatory actions against Iran. His statement that “Iran made a big mistake and they will pay for it” underscores the risk of a full-scale war, which could erase the gains Shiba Inu enjoyed in September.
The ongoing conflict casts a shadow over Shiba Inu’s projected rally this October. Historically, SHIB has experienced positive monthly returns, but persistent tensions in the Middle East could hinder its upward trajectory.
Shiba Inu Whales Remain Unfazed Amid Market Volatility
Despite the turmoil, Shiba Inu whales continue to show resilience by accumulating the meme coin. Data from market intelligence platform IntoTheBlock reveals a nearly 13% increase in large SHIB transactions over recent days, indicating a clear accumulation trend among these investors. In fact, a staggering 6.33 trillion SHIB tokens have changed hands in the past 24 hours alone.
Santiment, a prominent market analysis firm, has spotlighted Shiba Inu’s leadership in the current Whales frenzy. The meme coin’s large transaction count has surged by an impressive 360% over the past week, reflecting growing confidence among Whales in Shiba Inu’s potential for the next bull run.
As of the latest data from CoinMarketCap, Shiba Inu is trading at approximately $0.000016, marking an over 8% decline in the last 24 hours.
Conclusion
In conclusion, the recent Shiba Inu price crash underscores the profound impact that geopolitical tensions can have on the cryptocurrency market. While the Israel-Iran conflict has sparked uncertainty and led to a significant decline in SHIB’s value, the continued accumulation by Whales suggests a long-term belief in the coin’s potential. As the situation unfolds, investors and enthusiasts will undoubtedly keep a close watch on how these external factors influence the crypto landscape.
