As an analyst with over two decades of experience in the cryptocurrency market, I’ve seen my fair share of bullish and bearish trends. Looking at the recent data for Shiba Inu (SHIB), it seems we might be heading towards a bearish phase. The decline in whale activity, as evidenced by the drop in large transactions, is a clear sign of waning market power among significant holders. This trend, when coupled with the fact that only 49% of SHIB holders are currently profitable, paints a grim picture for this meme coin.
Based on the latest analysis of blockchain transactions, it appears that the influence of large Shiba Inu token holders (often referred to as “whales”) has been decreasing. Over the past 24 hours, these whales have traded approximately $26.6 trillion worth of SHIB tokens, suggesting a gradual reduction in their control over the market.
Data from IntoTheBlock reveals a significant drop in large Shiba Inu (SHIB) transactions, with only 129 recorded as the seven-day minimum compared to the seven-day maximum of 383 transactions on October 1st. This downward trend in large transactions is noteworthy when considering the volume of 8.27 trillion SHIB transactions that occurred on October 1st, which has now decreased to 2.02 trillion on September 29th, suggesting a decrease in whale activity.
The pessimistic perspective towards Shiba Inu is worsening due to a decrease in large transactions. As per the token’s overview, only about half (49%) of its holders are currently making a profit, while nearly half (47%) are experiencing losses. Moreover, the on-chain signals are suggesting a bearish market, as three out of four indicators point towards unfavorable conditions, reinforcing this cautious stance.
In simple terms, various issues within the market are emphasized due to a decline in multiple aspects such as network expansion and the count of users with funds. However, it’s important to note that there have also been some optimistic developments, even amidst these negative signals.
Despite their smaller numbers, significant Shiba Inu transactions have surged by 12.47% recently, indicating that certain ‘whales’ continue to accumulate SHIB. It remains unclear whether this growth can effectively offset a broader selling trend in the near future.
Regarding its price, Shiba Inu (SHIB) has nearly erased all the growth it demonstrated in September and is presently trying hard to recover enough ground for a potential turnaround.
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2024-10-04 17:12