Shiba Inu (SHIB) has been doing poorly lately in the cryptocurrency market. Data shows that only 1.2 trillion Shiba Inu coins have been traded in the past 24 hours.
SHIB, a well-known meme coin, has been going through a rough patch lately. There has been a big drop in transaction volume. Recent data shows that only 1.2 trillion SHIB tokens were traded in the last 24 hours. This is a sharp decrease from the peak of 4 trillion SHIB just a week ago.
Declining Transaction Volume
The big drop in transaction volume is a worrying sign. It shows that major holders, called âwhales,â are selling their (SHIB) tokens. These large investors are important because they help keep cryptocurrency prices stable. Their exit raises concerns about the future of Shiba Inu. The decrease in activity from institutional and large investors suggests they lack confidence in the coinâs prospects.
Several factors are causing this change in attitude toward Shiba Inu (SHIB). The mood in the market is cautious. Recent price swings have made investors skeptical. Shiba Inu also canât hold important support levels. It has struggled to break through a key resistance level at $0.000017. This barrier has stopped any major price increases. As a result, uncertainty surrounds the coin.
Source: Trading View
Market Sentiment and Whale Behavior
When big investors sell Shiba Inu, it shows they are worried about the market. This can make others think itâs not a good time to buy, which can drive the price down even further.
A key lesson from this situation is how much market psychology matters. The fear of missing out (FOMO) can push prices up, while the fear of losing money can cause more selling. For SHIB, growing doubts among investors about its ability to recover have led to more people selling their tokens.
The Role of Long-Term Support
Even though things look bad for Shiba Inu, thereâs still hope. A special line on the chart (the 200-day moving average) has usually stopped the price from going down too much in the past. So, it might help the price go back up again.
If Shiba Inu (SHIB) can stay above this level and attract enough buyers, it could have a chance to bounce back. However, this recovery depends on market conditions and whether big investors decide to come back.
Source: Trading View
Whatâs Next for Shiba Inu?
For Shiba Inu to change the current situation and regain investor trust, it needs a strong boost in buying activity. Without this, SHIB may find it hard to make any big gains soon. The continued exit of large investors and weak market performance create an uncertain outlook for the future.
Conclusion:
In summary, the recent massive transfer of Shiba Inu (SHIB) tokens, which recorded only 1.2 trillion transactions in a 24-hour period, signifies a challenging phase for this popular meme coin. The big drop from last weekâs peak of 4 trillion is worrying, especially as major holders, known as whales, start to sell off their Shiba Inu. This trend shows that many investors are feeling cautious. Large investors are reluctant to back Shiba Inu because it has struggled to hold important price levels and break through key resistance points.
Source: Trading view and coin Mozo
