Shiba Inu (SHIB) Whale Activity Declines By Over 100%, Painting A Bearish Outlook For The Meme Coin

On-chain data shows that Shiba Inu (SHIB) has witnessed a massive decline in whale activity. This is significant for the meme coin's ecosystem

On-chain data has revealed a massive decline in Shiba Inu (SHIB) whale activity, which could negatively impact the meme coin's price.

According to data from IntoTheBlock, Shiba Inu's whale activity has declined by over 100% in the last seven days. This is evident from the large holders' netflow metric, which indicates when these whales are accumulating or selling their tokens.

The 100% decline in large holders' netflow suggests that these whales are not accumulating or selling their Shiba Inu tokens instead. However, the large holders' outflow metric shows that these whales are selling their tokens, with an 18% increase in the amount of Shiba Inu tokens leaving these whales' addresses in the last seven days.

On the other hand, there has been a nearly 23% decrease in large holder inflows, indicating that more whales are choosing not to add to their Shiba Inu positions. This is bad news for the Shiba Inu ecosystem, as significant selling pressure from these whales could further drive down the meme coin's price.

Other on-chain metrics also paint a bearish picture for the meme coin. For example, data from IntoTheBlock shows that the “In The Money” metric is bearish, with 52.46% of Shiba Inu addresses currently showing a loss. This could add more selling pressure to the meme coin as more investors try to cut their losses, fearing that Shiba Inu could continue to decline from its current price level.

Shiba Inu also risks losing most of the gains it made earlier this year if it fails to hold above its current support level. The In the Money metric shows that most addresses currently invested in Shiba Inu purchased the meme coin at its current price range. Thus, a decline below this range could send the crypto token plummeting to levels not seen in some time.

Finally, data from IntoTheBlock shows that Shiba Inu has a strong positive price correlation with Bitcoin, which has also contributed significantly to the downtrend the meme coin is currently experiencing. SHIB's price correlation with Bitcoin seems to be the reason why the second-largest meme coin by market cap has been among the most affected since the flagship crypto fell below its crucial support level at $60,000.

Shiba Inu's price correlation with Bitcoin suggests that the meme coin could worsen. The flagship crypto is still facing intense selling pressure and could decline further in the coming days.

At the time of writing, SHIB is trading at around $0.00001327, down over 14% in the last 24 hours, according to data from CoinMarketCap.

The above is the detailed content of Shiba Inu (SHIB) Whale Activity Declines By Over 100%, Painting A Bearish Outlook For The Meme Coin. For more information, please follow other related articles on the PHP Chinese website!