As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of market fluctuations and trends. The recent decline in Shiba Inu (SHIB) is a stark reminder that even the most bullish markets can experience periods of volatility.
Over the past fortnight, there has been an ongoing surge in the prices of memecoins and the overall cryptocurrency market. But over the last day, we’ve witnessed a significant reversal of this trend, as the majority of cryptos have dipped on their daily price graphs.
As an analyst, I’m observing a notable downturn in the memecoin market, with popular coins like Shiba Inu [SHIB] being significantly affected. At this moment, SHIB is trading at $0.0000237, which represents a 7.77% decrease over the daily charts.
Prior to now, Shiba Inu (SHIB) was experiencing a steady climb, increasing by 23.08% over the past week and 32.12% over the last month.
Despite not being a unique occurrence, this decrease has sparked speculation regarding possible reasons for the price drop. One suggested cause is a large-scale transaction by a significant player in the market, often referred to as a “whale.
Whale transfers four trillion SHIB tokens
Based on Whale Alert’s report, a single wallet transferred approximately 4 trillion SHIB tokens valued at around $99 million to an unidentified wallet.
This transaction has ignited considerable speculation within the SHIB community.
Typically, significant transactions by major investors tend to cause market unease, particularly among individual traders who worry about a potential wave of selling. This apprehension arises due to the possibility that these transactions may lead to market fluctuations.
Impact on the price charts
Just as predicted, the memecoin experienced a dip during the last 24 hours. This drop can be attributed to the broader market mood, which appears to be transitioning from extremely optimistic to more cautious or even slightly pessimistic.
It’s become apparent that this transition is more evident, particularly as the amount of Large Holder withdrawals has grown. As reported by IntoTheBlock, the number of Shiba Inu (SHIB) tokens held by large investors has reached a three-month peak of 10.55 trillion tokens, with an influx in outflows.
This suggests that bigger investors might be offloading their investments, indicating a desire to boost earnings or minimize potential losses if the prices drop even more.
Furthermore, there has been a decrease in the number of active Shiba Inu addresses, falling from approximately 30,100 to 18,960 within the last week. This decline suggests a possible decrease in enthusiasm for the meme coin.
Consequently, the decrease in address activity indicates a change in market opinion as fewer people are participating, potentially signaling a further drop may follow.
Ultimately, the quantity of Shiba Inu coins held on exchanges continued to climb and ended up at approximately 146.08 trillion units. This trend suggested that investors preferred to keep their holdings on these platforms for quick selling opportunities.
In simpler terms, the mood of the Shiba Inu coin market has been temporarily changing. This isn’t a unique occurrence, but there might be further drops, particularly in the short term, until it finds a new level of support around 0.000022 cents.
Read Shiba Inu Price Prediction 2024-25
Despite the broader market remaining optimistic, this downturn could simply be a market correction prior to another surge upward. If that’s the case, SHIB might regain the level of $0.000026.
If this level holds, the memecoin will attempt $0.00003 resistance.
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2024-11-15 17:12