As a seasoned analyst with over two decades of experience observing the volatile crypto market, I’ve seen my fair share of bull and bear runs, hype cycles, and sudden crashes. The recent nosedive in Shiba Inu whale net flows is a stark reminder that even meme coins, like our beloved Shiba Inu, are not immune to the whims of large-scale investors.
The well-known dog-themed cryptocurrency known as Shiba Inu has recently seen a substantial drop in transactions by large investors, indicating a change in attitude among significant investors. This steep fall could potentially have far-reaching effects on the meme coin’s value, considering that Shiba Inu has been facing a persistent downtrend for the past few months.
Shiba Inu Whale Net Flows Take A Nosedive
Recent findings from IntoTheBlock indicate a substantial decrease in the movement of large amounts of Shiba Inu by whales. Interestingly, just this month, it was reported that Shiba Inu experienced a significant surge in its high-value transactions over a 7-day period, with approximately 3.5 trillion SHIB tokens being transferred among various digital wallets.
Recently, it’s been disclosed by IntoTheBlock that the outflow of Shiba Inu tokens from large whale wallets has plummeted over 30,000%. This metric, known as “whale net flows,” is employed to trace substantial shifts in cryptocurrencies between digital wallets. In the context of Shiba Inu, this dramatic decrease indicates that the big investors, or “whales,” are either liquidating their assets or reducing their holdings, which could suggest a drop in confidence among these major players.
Additionally, the unanticipated drop in whale transactions for Shiba Inu might suggest that investors are swiftly cashing out their profits following the coin’s recent price surge. At the start of the year, SHIB was among the leading meme coins, experiencing substantial price increases that propelled it to new record highs.
After a brief surge, the cryptocurrency quickly shifted into a downturn, seeing significant drops in price and increased market turbulence. This dramatic price adjustment could be the cause for big-time investors selling off their Shiba Inu holdings, resulting in a decrease of whale activity in the market.
In simpler terms, Shiba Inu, being a meme coin, is quite volatile and can easily be affected by shifts in public opinion about the market. Keeping an eye on major investors, or “whales,” is crucial because their large transactions tend to sway smaller retail investors’ feelings. Lately, there’s been less activity from whales, which might make other investors hesitant, possibly leading to a wider selling spree.
Despite this bearish trend, Shiba Inu continues to experience a significant rise in large transaction volume. Over the past 24 hours, the meme-based cryptocurrency has recorded a total volume of 1.78 trillion SHIB tokens.
Is A Price Decline On The Horizon?
The unexpected decrease in whale net flows could have a drastic effect on Shiba Inu’s price dynamics, considering how fragile the cryptocurrency market currently is. CoinMarketCap reports that SHIB is presently trading at $0.000013, down by more than 84% since its all-time high in 2021.
Although a change in large Shiba Inu holders (whales) transferring their coins might suggest a potential downturn, the ultimate fate of this cryptocurrency is influenced by multiple factors. A surge in positive market trends could improve the prospects for the currency’s price.
Currently, Shiba Inu is exhibiting strong indications of intense bearish trends, as evident by high-value trades and negative network expansion.
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2024-09-14 08:11