Shiba Inu is in a complicated state already, and the last thing it needs is the exodus of large holders. However, the fact that we are seeing a drop in large transactions means only one thing: whales have already capitulated, and there is plenty of SHIB around waiting for a buyer.
The numbers are clear: SHIB has dropped to $0.00001329. Large SHIB transactions have decreased dramatically, suggesting that significant holders are leaving the market. A large chunk of SHIB remains on the market as a result of whales' withdrawals, which suggests a lack of trust among them. The overall negative sentiment is a result of an exodus of funds from the market.
Source: IntoTheBlock
This trend is reflected in the trading volume. SHIB's total volume exceeded 1 trillion in the last 24 hours, reaching 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, adding to the unfavorable sentiment on the market, suggests that the majority of SHIB holders are losing money. The picture painted by exchange signals is also bleak. The volume difference between bid and ask indicates that buyers and sellers are exerting equal pressure. But bullish signals are missing from exchange metrics, which suggests that there is not much buying interest at these prices.
Furthermore, since SHIB does not have futures contracts, investors are left without a way to protect themselves from additional drops, which might intensify selling pressure. Important indicators that the market's faith in SHIB is eroding are the whale flight and the subsequent 15% decline.