According to U.Today, Shiba Inu (SHIB) is currently facing a challenging situation as large holders, also known as whales, are exiting the market. This has led to a significant drop in large transactions, indicating that these whales have capitulated. As a result, a large amount of SHIB is left on the market, waiting for buyers. The cryptocurrency's value has dropped to $0.00001329, reflecting the negative sentiment in the market.
The withdrawal of these large holders suggests a lack of trust among them, leading to an overall negative market sentiment. This trend is also reflected in the trading volume of SHIB, which exceeded 1 trillion in the last 24 hours. It reached a seven-day high of two trillion on July 3 and a seven-day low of 947 billion on June 29.
The bearish outlook is further reinforced by on-chain signals. The 'In the Money' metric, which indicates that the majority of SHIB holders are losing money, adds to the unfavorable sentiment in the market. The volume difference between bid and ask suggests that buyers and sellers are exerting equal pressure. However, the absence of bullish signals from exchange metrics indicates a lack of buying interest at the current prices.
Furthermore, the absence of futures contracts for SHIB leaves investors without a way to protect themselves from additional drops, which could potentially intensify the selling pressure. The flight of whales and the subsequent 15% decline in SHIB's value are significant indicators of the eroding market faith in this cryptocurrency.