As a researcher with extensive experience in the cryptocurrency market, I cannot help but feel concerned about the current state of Shiba Inu (SHIB). The fact that large holders are leaving the market is a troubling sign. The drop in large transactions suggests that whales have already capitulated, meaning there is a significant amount of SHIB available for purchase.
Shiba Inu is currently facing complexities, and the departure of major investors would add to its troubles. Nevertheless, the decrease in significant transactions signifies that whales have surrendered, leaving an abundant supply of SHIB up for grabs by potential buyers.
The numbers are clear: SHIB has dropped to $0.00001329. Large SHIB transactions have decreased dramatically, suggesting that significant holders are leaving the market. A large chunk of SHIB remains on the market as a result of whales’ withdrawals, which suggests a lack of trust among them. The overall negative sentiment is a result of an exodus of funds from the market.
The trading activity for Shib reflects this trend, with an astounding total volume exceeding one trillion dollars in the past 24 hours, marking a new seven-day peak at two trillion on July 3, and hitting a seven-day low of 947 billion on June 29.
The pessimistic perspective is strengthened by indicators from the blockchain. The In the Money indicator, contributing to the negative mood in the market, indicates that most SHIB investors are experiencing losses. The depiction from exchange signals is similarly dismal. The gap between bids and asks in terms of trading volume suggests an equilibrium between purchasing and selling activity. However, there seems to be a lack of bullish signs among exchange metrics, suggesting minimal buying interest at present prices.
Additionally, due to the absence of futures contracts for SHIB, investors lack a protective mechanism against potential price drops, which could exacerbate selling pressure. Notably, signs of waning confidence in SHIB include the departure of large holders (whales) and the subsequent 15% price decrease.
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2024-07-05 14:44