Shiba Inu (SHIB) Under Pressure as Whale Activity Surges 712%
Shiba Inu ($SHIB ), a leading meme cryptocurrency, is experiencing some concerning developments on its blockchain. New data from IntoTheBlock reveals that large-scale holders, or “whales,” have liquidated a staggering 7.48 trillion SHIB over the past 24 hours. This is a significant increase—a 712% increase—from the previous day’s outflow of 1.05 trillion SHIB.
SHIB
0.00002523
+1.08%
On-Chain Metrics Analysis
Whale Selloff
The majority of this selling is coming from addresses holding at least 0.1% of SHIB’s circulating supply. Such large-scale selling raises concerns about the stability of the token’s market.
Whale Inflows Surge
Interestingly, whale wallets also saw an increase in inflows, with 7.41 trillion SHIB added, a notable 89.5% increase from the previous day.
Net Flow Drops
Despite the increased inflows, SHIB’s net flow turned negative, dropping from 2.86 trillion SHIB to a worrying -72.77 billion SHIB. This change reflects a growing bearish sentiment among major holders.
Price Action Insights
Over the past 24 hours, SHIB’s value has dropped by 8.24%, settling at nearly $0.000023 after hitting intraday lows. This wave of selling likely stems from concerns about further price declines as the token flirts with a critical support zone.
SHIB’s recent bullish momentum, which had seen an impressive 80% gain since November, has failed to sustain its trajectory. The formation of a “double top” pattern – a bearish technical indicator – is further weakening traders’ confidence
