1. Unprecedented Whale Sell-Off Activity:
Shiba Inu (SHIB) is witnessing significant selling activity from major holders. Blockchain data from IntoTheBlock reveals that whales—holders with at least 0.1% of SHIB's circulating supply—offloaded 7.48 trillion SHIB in the last 24 hours, a staggering 712% increase compared to the previous day’s 1.05 trillion SHIB outflow.
2. Key On-Chain Metrics:
Whale Outflows: The sell-off underscores a concerning trend for SHIB’s price stability, as large holders exit their positions.
Rising Whale Inflows: Inflows to whale wallets also surged to 7.41 trillion SHIB, marking an 89.5% increase from the prior day.
Negative Netflow: Despite increased inflows, netflow declined sharply from 2.86 trillion SHIB to -72.77 billion SHIB, signaling bearish sentiment among large holders.
3. SHIB Price Performance:
Price Decline: SHIB’s price dropped by 8.24% over the past 24 hours, stabilizing near $0.000023 after approaching critical support levels.
Bearish Indicators: The token recently formed a “double top” pattern after failing to break past local highs, which is a strong bearish signal.
Profitability Concerns: Despite SHIB’s 80% profitability since November, fears of further declines have prompted large holders to reduce their exposure.
4. Market Sentiment and Implications:
The sharp increase in whale selling reflects a notable shift in market sentiment. Concerns over price stability, coupled with bearish technical signals, have heightened caution among investors. This trend highlights the inherent risks of meme-inspired cryptocurrencies, which are prone to extreme volatility.
5. Key Takeaways for Traders:
The drastic rise in whale selling indicates mounting pressure on SHIB’s price.
The token’s inability to sustain key resistance levels and its bearish chart patterns suggest potential further declines.
Traders should monitor SHIB’s critical support zones and exercise caution in light of ongoing market turbulence.
Shiba Inu’s current trends underline the importance of risk management in volatile markets, as whale activity continues to dictate its short-term outlook.