Shiba Inu (SHIB), the widely recognized meme cryptocurrency, appears to be on the verge of a significant price drop. This situation is largely attributed to the formation of a bearish price action pattern on its daily chart, indicating a potential downtrend.
Market sentiment is confused as Shiba Inu deals with a combination of technical pressures and substantial sell-offs by major holders, often referred to as "whales." These factors collectively enhance the risk of further price declines.
The sell-off by these whales, who hold significant portions of the coin, contributes to the downward pressure, making it difficult for the price to stabilize. As a result, Shiba Inu's market performance remains uncertain, causing concern among investors.
