Shiba Inu (SHIB) Drops 20% From Its Recent High: Is It Time to Buy?

After several months of underperforming, the self-proclaimed Dogecoin killer finally posted a decisive rebound over the weekend. However, the pump was short-lived as the bears quickly intercepted the move and dragged the price down.

The enthusiasm faded, while a well-known analytics platform outlined when the next buying opportunity might emerge.

Retail Attention Arrived Late

Just a few days ago, Shiba Inu recorded a sudden 35% price jump to reach a two-month high of around $0.00000582 (per CoinGecko). Some potential factors that may have acted as catalysts for the significant revival include a whale that has resumed accumulating after more than half a year of inactivity, as well as the notable resurgence of the burning mechanism.

The bulls, though, lost momentum, and SHIB currently trades at roughly $0.000004631, representing a nearly 20% decline from the local high. The analytics platform Santiment noted that amid the rally, there were 52 whale transactions in a single day, the most since March 31.

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