- SHIB whales have reduced their holdings on exchanges.
If demand continues to stall, SHIB’s price may fall below $0.00002.’
As a researcher with experience in analyzing cryptocurrency market trends, I have closely observed the recent developments in the Shiba Inu (SHIB) ecosystem. The data from Santiment indicates that top whale wallets holding SHIB coins on exchanges have been reducing their holdings since late May. This trend is concerning as these investors usually serve as a significant price support for SHIB.
The top whale investors, who hold significant amounts of Shiba Inu (SHIB) across various cryptocurrency platforms, have reduced their stashes since late May, based on data from Santiment.
Based on information from a data provider that specializes in on-chain analysis, this particular group of SHIB investors is currently in possession of approximately 168 trillion coins of the memecoin SHIB. This amount represents around 29% of the total circulating supply of 589 trillion SHIB coins.
SHIB has new lows to hit before a rebound
When the total coin holdings in leading exchange wallets decline, this trend often points to a longer-term bull market, potentially indicating a future increase in prices.
If whales are transferring their assets from exchanges without selling, this might indicate they’re hoarding for a prolonged period, which could be a positive sign for the market.
Contrary to the implication, the Shibaswap market indicates a different story. The value of Shib has dropped noticeably over the past several weeks.
The decrease in the number of whale transactions involving Shiba Inu (SHIB) on cryptocurrency exchanges could signal that these investors are selling off their gains, potentially contributing to a continued price decline.
Currently, SHIB is valued at $0.000021 based on market data from CoinMarketCap. In just the past week, there’s been a significant decrease of approximately 15% in SHIB’s price.
As a crypto investor, I’ve been closely monitoring Shiba Inu’s (SHIB) price action on the daily chart. Recently, I noticed an unexpected surge in SHIB distribution among market participants based on AMBCrypto’s assessment. However, this bullish trend might not be as strong as it seems since its Relative Strength Index (RSI) and Money Flow Index (MFI) were showing downward trends at the time of analysis.
The RSI and Money Flow Index for SHIB stood at 38.10 and 26.34 respectively, with both indicators falling beneath their respective midpoints. This signified that there was more selling action than purchasing activity within the SHIB marketplace.
Additionally, supporting the pessimistic outlook for the altcoin, its Parabolic Stop and Reverse (SAR) indicator’s dots have remained above its current value since June 2nd.
This indicator identifies an asset’s potential trend direction and price reversals.
When the price of an asset is shown with upward-pointing arrows above it on the chart, the market is experiencing a downward trend. This means the asset’s value has been decreasing and might be expected to do so further.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Should SHIB‘s value persistently decrease, it could potentially dip beneath the $0.00002 threshold and reach as low as $0.000018.
If the current situation proves incorrect and purchasing activity surges significantly, Shiba Inu’s value could potentially reach $0.000024.
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2024-06-14 22:15