Shiba Inu Experiences Decline in Whale Activity
Recent data from the market intelligence platform IntoTheBlock is showing a significant decrease in whale activity within the Shiba Inu ecosystem. This decline, which has surpassed 100% in the last week, is a crucial development for the meme coin as these large investors often influence Shiba Inu’s price movements.
– Large holders’ netflow metric indicates a decline in whale activity
– These whales are opting to sell tokens rather than accumulate
– Large holder outflows have increased by 18% in the past week
– A nearly 23% decrease in large holder inflows suggests hesitation to add positions
– This could lead to additional selling pressure and price instability
– On-chain metrics present a bearish outlook for Shiba Inu
– 52.46% of addresses are currently at a loss, adding selling pressure
– Failure to maintain current support levels could result in further decline
Bitcoin’s Impact on Shiba Inu
Shiba Inu’s price correlation with Bitcoin is significant, and recent data reveals a strong positive relationship between the two assets. This correlation has contributed to Shiba Inu’s current downward trajectory. As Bitcoin struggles with selling pressure after dropping below key support levels, Shiba Inu is also feeling the effects of this market sentiment.
– Both SHIB and Bitcoin experience a strong price correlation
– Bitcoin’s drop has negatively impacted Shiba Inu’s performance
– Continued selling pressure on Bitcoin could further affect SHIB’s price
– Shiba Inu is currently trading around $0.00001327
– A decrease of over 14% in the last 24 hours as per CoinMarketCap data
Hot Take: What Lies Ahead for Shiba Inu?
Shiba Inu’s recent decline in whale activity, coupled with its price correlation with Bitcoin, indicates a challenging path ahead for the meme coin. With large holders opting to sell rather than accumulate, and Bitcoin facing selling pressure, SHIB’s price could continue to be volatile in the near future. It is essential for investors to monitor these developments closely and adjust their strategies accordingly to navigate the current market conditions successfully.
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