Shiba Inu (SHIB) Whales Reduce Exposure as Coin Gears to Add an Extra Zero
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Shiba Inu (SHIB) has experienced a 21% price drop over the past month. This decline is primarily due to a general market downturn and reduced activity from SHIB whales. On-chain data shows that large SHIB holders have significantly decreased their holdings in the past 30 days.
IntoTheBlock's data reveals a substantial decline in large transactions involving SHIB. Daily transactions worth between $100,000 and $1,000,000 have decreased by 46%, while transactions worth between $1,000,000 and $10,000,000 have declined by 64% in the last month.
The falling large transaction count is a bearish signal. Retail investors often lose confidence when large investors reduce their trading activity, leading to diminished buying and potential price drops. SHIB's Large Holders’ Netflow confirms that whales have sold more than they’ve accumulated, with a 391% drop in netflow over the past month.
Whale addresses, which hold over 0.1% of SHIB's circulating supply, have been offloading their holdings, signaling an imminent price decline. These changes significantly impact market sentiment and can lead to wider deaccumulation.
Despite this bearish trend, SHIB's daily chart readings suggest a possible rebound. SHIB’s Relative Strength Index (RSI) and Money Flow Index (MFI) values indicate it is nearing an oversold condition, traditionally a precursor to a price reversal.
If market conditions favor SHIB, its price might climb to $0.000018. However, intensified selling could plunge the coin’s price below $0.000010.
Source: beincrypto.com ↗
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