- Shiba Inu whales have exercised caution in this market cycle by reducing their activity.
- However, a balance can still be achieved if this pressure is effectively challenged.
As a seasoned analyst with years of market observation under my belt, I see the recent behavior of Shiba Inu (SHIB) whales as a cautious dance rather than a retreat. The reduced activity could be interpreted as an attempt to maintain stability amidst the volatile memecoin market.
Shiba Inu [SHIB] has faced intense bearish pressure in the last 24 hours.
Following a 8% rise to $0.00001739 early in the week after a series of seven consecutive drops, the majority of these gains seem to have dissipated. Currently, Shib is being traded at $0.00001701.
According to the latest report from AMBCrypto, it appears that traditional cryptocurrencies are gradually being overshadowed by newer meme-based coins.
If this trajectory persists, Shiba Inu (SHIB) might not offer the 100x potential that many anticipated for it to outperform Bitcoin by the following year.
SHIB whales are becoming cautious
Approximately 60% of significant Shiba Inu (SHIB) token holders control about 0.1% of the total circulating supply, which amounts to an astonishing 590 trillion SHIB coins.
Over the past day, there’s been a considerable decrease in SHIB whale transactions. The total transaction volume is down by 35.41%, and just over 1.99 trillion SHIB has been transferred.
It’s worth noting that when there’s a lot of accumulation, it can suggest a market bottom and potentially good chances for dip buying. However, less activity from ‘whales’ might indicate a market peak, as their faith in SHIB‘s immediate future seems to be decreasing.
Source : IntoTheBlock
Indeed, it’s been observed that significant groups have transferred approximately 90 billion SHIB to exchanges over the past two days. This mass movement has led to a decrease of around 6% in the price.
Although warnings about whales have caused some effect, it’s unclear if the overall pattern fully supports a swift reversal, since…
Bulls are regaining control
On the daily price graph, a bearish MACD intersection occurred simultaneously with the price fall, which might be linked to significant Shiba Inu investors selling off their holdings.
Since that time, the overall net outflow has reversed to a deficit, indicating that buyers are intervening and counteracting the pressure by investing capital into SHIB.
CryptoQuant
This marks a pivotal moment for recovery. Recent activity by SHIB whales has caused its value to drop, pushing many investors into a net loss.
If the bulls continue to uphold their position, it might reinstate trust among investors who are currently at a loss and encourage current holders to buy more SHIB during its price drop. This action could be a crucial step towards a potential price reversal.
There is still room for growth
In simpler terms, when there’s more of a product available (increased supply) and many people want to buy it (strong demand), the price usually settles at a stable level, which is referred to as market equilibrium.
As an analyst, I find the recent net outflows of SHIB intriguing. This could be a sign of strong investor confidence, suggesting that there’s a significant possibility for active and bold purchasing in the near future. Additionally, the Relative Strength Index (RSI) is currently in a neutral zone, which aligns with this bullish outlook.
Source : TradingView
Yet, it’s essential to note that the primary driver is an ongoing uptick, heavily influenced by the decisions of SHIB whales regarding their positions after the sell-offs.
Read Shiba Inu’s [SHIB] Price Prediction 2024–2025
If bulls manage to overcome the resistance from sellers by making significant purchases, it’s possible that Shiba Inu (SHIB) could reverse direction and approach its earlier resistance at $0.000020 once more. This level is crucial because if SHIB can break through it, it could lead to a potential surge in its price.
Instead, considering the current market instability and the growing shift of funds from SHIB towards new meme coins, it appears that the price range of $0.0000175 to $0.0000160 might become more common due to consolidation in the near future.
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2024-10-11 00:08