As an analyst with over two decades of experience in the financial markets, I have seen my fair share of market fluctuations and whale activities. The recent developments with Shiba Inu (SHIB) are reminiscent of a rollercoaster ride that keeps me on the edge of my seat.
Recently, significant activities have been unfolding in the inner workings and on-exchange landscape of the Shiba Inu (SHIB) cryptocurrency market. As per IntoTheBlock’s findings, a substantial amount of 7.48 trillion SHIB tokens were transferred from large wallet holders within the last 24 hours.
Compared to the day before, the volume of SHIB tokens released from whale wallets yesterday was significantly higher, at approximately 1.05 trillion SHIB. This is an over 700% increase, equivalent to a multiplication factor of more than seven.
To provide clarity, we’re focusing on addresses that own at least 0.1% of the total supply of Shiba Inu tokens in circulation. Notably, these specific wallets saw an uptick in incoming Shiba Inu (SHIB), reaching a total of 7.41 trillion SHIB, which represents an 89.5% increase compared to the previous day’s inflow.
Nevertheless, the large purchasers couldn’t quite sway the balance in their favor with this amount alone. Consequently, during the reviewed period, the Shiba Inu (SHIB) netflow shifted significantly from 2.86 trillion SHIB to -72.77 billion SHIB.
Shiba Inu (SHIB): Price outlook
The change in public opinion towards this meme-inspired cryptocurrency can be traced back to its price chart. Yesterday, SHIB experienced a decline of 8.24%, dropping from its peak to a low of $0.000023, where it has since leveled off.
From the graph, it’s clear that whale selling in this region was driven by the fear of a continued drop in the token’s price, as it neared its lowest point. Given that Shiba Inu tokens have yielded nearly an 80% return since early November, it makes sense that most investors would choose to cash out their profits.
Moreover, following the latest surge, the Shiba Inu coin’s price could not surpass its previous nearby peaks and created a second peak shape on the graph, which is also considered a potentially worrisome pattern.
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2024-11-27 16:53