On Wednesday, the value of Shiba Inu fell 20% compared to December 9th to $0.000025.
After the market recovered, Solana meme currencies such as Fartcoin (FART) and Goatseus Maximus (GOAT) took over.
Between December 9th and 18th, whale transactions $SHIB worth over $100,000 fell by 83% on the network.
Shiba Inu opened at $0.000026 on Wednesday, its lowest since November 29. On-chain data suggests the cryptocurrency $SHIB is failing to generate demand from whales, while Solana memes dominate social media.
Shiba Inu falls 20% amid cryptocurrency market comeback.
Since December 10, Bitcoin, Ripple (XRP), and Cardano (ADA) have all risen by double digits, while Shiba Inu has fallen.
The price of SHIB fell 20% from $0.0000032 in December to $0.000025 at press time on Wednesday.
After the dominance of Solana memes, demand for Shiba Inu whales dropped by 82%.
Since December 10, Solana memecoins have received a significant influx of money, surpassing Shiba Inu (SHIB) and Dogecoin.
In particular, Fartcoin (FART) earned almost $600 million, and Goatseus Maximus also earned.
The large transactions table below shows daily transactions over $100,000. This shows how large investors trade during market events.
Large Shiba Inu Transactions | IntoTheBlock
On December 9, Shiba Inu whales sold 18.85 trillion SHIB.
They have since scaled back their activities, trading just 3.3 trillion SHIB in huge deals on December 17th.
Over the previous 9 days, whale investors bought 82% less SHIB, corresponding to a 20% price drop.
Shiba Inu forecast: support at $0.000025 is under threat
Shiba Inu prices are under pressure and the major support zone of $0.00002561 could fall.
The SHIB/USDT chart shows a nine-day downtrend and a price drop of 20.64%.
Prices could reach $0.00003297, the upper Bollinger resistance, if demand continues.
Failure to hold above $0.00002561 could trigger further sell-offs.
Bulls should defend the structure at $0.00002451, the next significant support
A break below this level could end the bullish momentum and push SHIB below $0.00002200.
