The price of Shibainu (SHIB) has dropped significantly in the past month, attributed to market downturn and reduced whale activity.
Shibainu Whale Holdings Decline
Recent data from IntotheBlock shows a decrease in large transactions involving SHIB over the past month. Daily SHIB trades between $100,000 and $1,000,000 have dropped by 46%, while trading volume between $1,000,000 and $10,000,000 fell by 64%. This decline in large trades is a bearish sign and can lead to reduced confidence among individual investors.
Moreover, net inflows from large SHIB accounts have dropped by 391% in the last 30 days, indicating that whale addresses are selling more than they are accumulating. This trend usually precedes a decline in token accumulation in the market.
SHIB Price Prediction
Looking at SHIB’s daily chart, the meme coin seems to be gearing up for a rebound. The relative strength index (RSI) and money flow index (MFI) values are currently at 30.23 and 22.45, respectively, approaching oversold conditions. Typically, oversold conditions precede a price reversal, hinting at a potential price increase in the near future.
If the current selling pressure persists, there is a risk of SHIB dropping below $0.000010. However, there is also a possibility of the price rising to $0.000018 if the market conditions improve.
Conclusion
In summary, the decline in SHIB’s price can be attributed to reduced whale activity and market downturn. The decrease in large transactions and net inflows from major investors signal a bearish trend for the meme coin. However, with oversold conditions on the horizon, there is a chance for a price rebound in the near future.
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