Shiba Inu, a prominent meme coin, has been experiencing a bearish trend, shedding nearly 10% of its value recently and trading at $0.0000125. This decline is linked with a drop in whale holdings, suggesting reduced confidence among major investors amid broader market weaknesses.
According to IntoTheBlock, there’s been a 123% fall in SHIB's large holders' netflow, indicating significant sell-off by whale investors. As whales unload their holdings, it increases supply, putting further pressure on SHIB's price and possibly affecting confidence among smaller retail investors.
Momentum indicators like the Relative Strength Index (RSI), currently at 35.05, further support the bearish outlook, hovering near the oversold territory but not quite there yet. This reveals weak buying pressure and hints at potential further declines unless demand picks up.
Since December 8, SHIB has remained below a descending trend line, a pattern indicative of continued price decreases and ongoing selling pressure among market participants. If the trend persists, SHIB could hit a seven-month low of $0.0000107, though renewed buying pressure might reverse this.
