Shiba Inu’s Price Purge: 🐳Whales Unleash Fury, Will the 📉Doom Persist?

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Oh, what a tangled web we weave when first we practice to deceive! Our beloved Shiba Inu, once the toast of the town, is now reeling from a price crash so dramatic, one might think it’s auditioning for a Shakespearean tragedy. The on-chain data, my dear friends, points to the nefarious actions of the whales, those large holders who have suddenly decided to embark on a selling spree. The market value of SHIB has plummeted like a lead balloon, wiping out recent gains and leaving us all wondering if the bottom will ever come.

Whales Drive SHIB Dump: A Tale of Two Cities

Blockchain analytics, courtesy of IntoTheBlock, reveal that whale wallets have been offloading SHIB with such gusto, one would think they’ve discovered a new diet fad. The Large Holder Netflow, a measure of the net change in whale holdings, has taken a nosedive, down by a staggering 736.46% in just seven days. In layman’s terms, these whales have sent out more SHIB than they’ve taken in, leaving us to ponder the depths of their discontent. 

Behold, the image below, a visual testament to the Large Holder Netflow. Notice the blue tracker’s steep descent into negative territory in early March, coinciding with the price dip. Such negative netflows signal that major holders are shedding their positions, flooding the market with billions of SHIB and intensifying the selling pressure. 

Moreover, addresses holding SHIB tokens valued between $1 million and $10 million have witnessed a decline in their balance by a whopping 31.31% in the past 24 hours. Those with tokens worth over $10 million have not been spared either, experiencing a drop of 27.99%. It seems the whales are having a clearance sale, and the sharks are circling.

The Future of Shiba Inu: 🤔Will the 🌊Tide Turn?

The market, ever the drama queen, has reacted swiftly to the whale dumping. Social sentiment around Shiba Inu has turned as sour as a lemon, with fear creeping in like an unwelcome guest. The Shiba Inu Fear & Greed Index has plummeted into “Fear” territory, leaving investors trembling in their boots about the extended downtrend.

History, that old wise owl, reminds us that the Shiba Inu price tends to falter when whales unload en masse. Recall the fateful day in early February when SHIB’s large-holder netflows swung from a 3.5 trillion SHIB inflow to a -792.8 billion SHIB outflow within a mere 24 hours, causing the price to bottom out at $0.00001286. Alas, Shiba Inu has now descended even lower, falling by approximately 11% as the big holders hit the sell button. At the time of writing, our poor Shiba Inu is limping into the new week around $0.0000125 per token, a far cry from the mid-$0.000014s of last week. If whale selling persists, the downtrend may well deepen, leaving us all to ponder the abyss.

Technical indicators, the harbingers of doom, paint a grim picture of weakening momentum. SHIB’s daily Relative Strength Index (RSI) now hovers in the mid-30s, suggesting our memecoin darling is inching closer to the oversold levels, but not quite there yet. The bears, those pesky critters, are still in control, leaving us all to wonder if the light at the end of the tunnel is merely an oncoming train.

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2025-03-11 04:13