As a researcher with experience in analyzing cryptocurrency markets, I find the recent exodus of Shiba Inu whales from the asset intriguing. While it’s true that large withdrawals can sometimes be a sign of dropping volatility, it’s essential not to jump to conclusions too quickly. The primary concern here is the potential lack of liquidity that could arise if larger investors continue to sell off their holdings.
Shiba Inu’s large investors are selling off their holdings, causing a significant decrease in the asset’s price. This mass exit of whales is usually indicative of reduced market volatility. However, it’s important to remain calm and focus primarily on the current issue at hand: the insufficient liquidity within the market. Nevertheless, there are some promising signs emerging from this situation.
As a crypto investor, I’ve recently noticed that approximately half of SHIB investors are currently experiencing profits with the current price. On the other hand, around 47% are not yet in the green. The even distribution of these two groups suggests that smaller investors remain optimistic and continue to hold onto their SHIB, despite the significant movements from larger whale investors.
Despite controlling a significant share of the supply at 73%, large holders have been less active recently. This reduced activity could mean fewer substantial sell-offs. Notably, transactions worth over $100,000 continue to demonstrate considerable volume in the past week, with a total of 2.4 trillion transacted within the last day, indicating that while whales may be dormant, there remains a high level of trading activity.
The concentration of on-chain signals has risen by 0.04%, which is a subtle sign of a bullish market trend. Meanwhile, other indicators remain unchanged. A significant bearish imbalance in bid-ask volumes of 15% on exchanges, however, points towards potential selling pressure. Contrarily, the smart price signal from IntoTheBlock is neutral, suggesting that the current price is neither particularly low nor high.
Shibas Inu (SHIB) is currently priced around $0.00001716 on the technical chart. This value falls beneath its 50 Exponential Moving Average (EMA) at $0.00002217, and it’s also significantly lower than both the 100 EMA and 200 EMA levels. The Relative Strength Index (RSI), currently standing at 33, indicates that SHIB is approaching the oversold region. This potential oversold condition might attract additional buyers searching for cheaper entry points into the market.
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2024-07-02 14:28