Shiba Inu (SHIB), one of the most popular meme-inspired cryptocurrencies, is experiencing troubling activity on the blockchain. According to data from IntoTheBlock, major token holders—whales—offloaded an astonishing 7.48 trillion SHIB in the last 24 hours. This represents a dramatic 712% increase compared to the previous day’s outflow of 1.05 trillion SHIB.
On-Chain Activity Analysis
• Whale Outflows:
Addresses holding at least 0.1% of SHIB’s circulating supply drove this massive sell-off, which marks a worrying trend for the token’s stability.
• Inflows Rise Too:
Interestingly, inflows to whale wallets also increased, totaling 7.41 trillion SHIB, which is an 89.5% increase from the previous day.
• Netflow Decline:
Despite the increased inflows, the netflow turned negative, dropping from 2.86 trillion SHIB to -72.77 billion SHIB, signaling bearish sentiment.
SHIB’s Price Performance
• Over the past 24 hours, SHIB’s price dropped 8.24%, stabilizing around $0.000023 after hitting the day’s low.
• The sell-off was likely triggered by fears of further price declines, as SHIB came precariously close to a critical support level.
• SHIB’s recent rally, which brought 80% profitability since November, failed to break past local highs, forming a “double top” pattern—a bearish technical signal.
Market Sentiment and Outlook
The drastic increase in whale selling suggests a shift in sentiment, with large holders opting to exit their positions due to concerns over further price declines. The inability of SHIB’s price to break key resistance levels and its formation of a bearish chart pattern add to the cautious mood among investors.
Key Takeaways
Shiba Inu’s blockchain activity reflects mounting selling pressure from whales, which could signal further turbulence ahead. While SHIB has enjoyed strong profitability recently, the current trend highlights the risks associated with high volatility in meme-inspired cryptocurrencies. Traders should remain cautious as the token approaches critical support zones.
