Main Takeaways:-
- In the last 24 hours, Shiba Inu whales have sold around 801 billion tokens.
- Yesterday’s reporting time, the memecoin surged by 8.45%.
Throughout the last three days, crypto markets have faced high instability. Due to the global breakdown, investors, retailers, and whales are worried about it and have displayed more substantial anxiety and shock.
Therefore, as the market collapsed, Shiba Inu [$SHIB] whales shifted to selling. Because whale activity on the sell side has surged in the last 24 hours.
According to the reports, Shiba Inu whales have sold 801.04 billion tokens, a surge from 180.76 billion the day before. This reflected a 343.18% increase in major investors’ selling. This surge suggests that Shiba Inu whales are liquidating more than they are purchasing.
Also, big investors have been selling more than they have been purchasing. This was clear from the big investor’s net flow, which faced a steep drop and dipped into the negative levels.
At the reporting time, the NetFlow stayed at 256.9 billion. When NetFlow falls into negative territory, it suggests that there’s more capital outflow from big investors than inflows. Hence, whales only purchase 644 billion tokens during the same time frame.
This kind of negative disparity suggests that big investors are presently at a crossroads, lacking confidence in the market. When whales shift to heavy selling, it suggests that they are risk-off and expect prices to go down, thus they shift to sell and cut losses.
Affect on SHIB?
As expected, big holders (whales) selling more Shiba Inu have caused its price to go down. On the daily chart, the memecoin coin fell from a high of $0.00001173 to a low of $0.00001125. At the time of writing, Shiba Inu was trading at $0.00001131.
This drop, after indicating signs of rebound from the previous day and increasing by 8.45%, suggests that whale-selling activity is being perceived in the market. The question is, is Shiba Inu Poised for further decline?
What’s Next for the Memecoin?
According to AMBCrypto’s experts, Shiba Inu experienced a sharp decline in momentum during surging selling pressure, as evidenced by the dropped Stoch Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD).
Looking at the Stoch Relative Strength Index (RSI), it has dropped to 3.23 from 11 in the last 24 hours till reporting time. Such a drop indicates the downward momentum is more powerful than ever.
This is confirmed again by the Moving Average Convergence Divergence (MACD) line, which has dropped into the negative territory. With these momentum indicators dropping, they reflect a continuation of current momentum.
So, if people keep selling and the negative trend is still strong, Shiba Inu’s price could drop to $0.000010. For the price to start going back up, it needs to close the day above $0.00001142.
Read also:- Cardano Shows Death Cross, But ADA Price Surges 11%
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
