Shiba Inu Whales Cut Holdings—Is a Bigger Price Drop Ahead?
The leading Meme Coin Shiba Inu has reduced its value by 10% over the past week. At the time of writing, Hebrew The transaction price is $0.0000125.
This price decline coincides with a significant drop in whale holdings during the same period. This shows that confidence among large investors has weakened due to weak markets.
As whale sell-off accelerates, Shib’s market confidence gradually weakens
According to Intotheblock, the Netflow of Shib’s big holders has dropped by 123% over the past week. This is Meme coins Price drops by 8%.
Large holders refer to whale addresses that hold more than 0.1% of the recurrent supply of assets. Their NetFlow measures the inflow and outflow of tokens in the wallet to track whether they accumulate (positive net flow) or unload (negative NETFLOW).
When the indicator drops, it indicates that the whales are selling most of their assets, causing an increase in supply and a decrease in the Price pressure.
Additionally, this decline in Shibu Whale Netflow could intensify confidence among Shibu retailers, prompting them to sell coins in hopes of further losses. This can accelerate Shib’s price decline in the short term.
On the daily chart, Shib’s decline relative strength index supports this bearish outlook. At press time, this momentum indicator is a downward Trend is 35.34.
The RSI of an asset measures the overselling conditions of an asset. Its ranges from 0 to 100 with a value above 70 indicating that the asset is overbought and is caused by the decline. On the contrary, values under 30 show that assets are beyond their reach and can witness a rebound.
At 35.05, Shib’s RSI said the asset was close to oversold territory, but it has not yet fully entered. This indicates a weaker buying pressure and suggests a further decline unless meme coin demand is adopted.
Shib stays below the downward trend line
Shib has remained below the downward trend line since December 8. This pattern is formed when the price of an asset always drops its high point over a period of time, combining these peaks with Slide down the landline. This is a bearish trend, indicating continued sales pressure among participants in wet skin markets.
If this decline continues to decline, the SHIB risk drops to a seven-month low of $0.0000107.
However, if the buying pressure restores power, it may drive Shib’s value to $0.0000166.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
