The Shiba Inu ($SHIB ) market is facing strong bearish pressure ๐ป, with its price struggling to stay afloat! Both 24-hour and 7-day charts show a downward trend ๐, and now on-chain data has thrown another red flag ๐ฉโa massive 61% crash in whale transactions! ๐๐ฅ
Could this be a temporary dip or a sign of something bigger? Letโs dive into the numbers! ๐๐
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โก Shiba Inu Whale Activity Takes a Nosedive!
Fresh data from IntoTheBlock reveals that whale transactionsโa key indicator of market sentimentโhave plummeted ๐ฑ. Since whales control massive amounts of SHIB, their activity often dictates the marketโs next move ๐.
๐ฅ Hereโs what just happened:
๐ป Large SHIB transactions collapsed from 353 to 136 in just 24 hoursโa 61% drop! ๐จ
๐ป The total SHIB moved in these transactions fell from 6.81T to 3.05T SHIBโa 55% drop! ๐
๐ป In USD terms, transaction volume tanked from $128.95M to $54.74Mโa 58% crash! ๐ฅ๐ฐ
๐ก What does this mean? Whales are either:
โ Taking profits ๐ค
โ Holding back due to uncertainty ๐ค
โ Waiting for a better entry point ๐ฏ
But with less whale activity, SHIB is losing momentum fast! โ ๏ธ
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๐ Whatโs Next for SHIBโs Price?
The drop in whale activity is already hurting SHIBโs price ๐จ:
๐ด SHIB is down 2.7% in 24 hours & 9.5% over the past week! ๐
๐ด It has lost the key $0.000020 support level and is now hovering above $0.000018! โ ๏ธ
๐ What could happen next?
๐ฅ If whales return, SHIB could rebound and regain strength! ๐๐
๐ฅ If whale activity remains low, SHIB could drop below $0.000018, leading to further losses! โ๐
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๐ฅ Final Thoughts โ Will SHIB Recover?
The massive drop in large transactions shows that whales are stepping back, either cashing out or waiting for a better move ๐ฒ. Right now, SHIB is at a crucial point, and its next move depends on whether big investors jump back in! ๐๐
Will whales return and push SHIB back up? Or will we see more downward pressure? ๐ค๐ฐ
๐ฅ Drop your thoughts in the comments!
Letโs discuss where SHIB is headed next! ๐๐๐