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2.3 Trillion Shiba Inu (SHIB) In 24 Hours: Where Are Whales?

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Thu, 20/06/2024 - 13:04
2.3 Trillion Shiba Inu (SHIB) In 24 Hours: Where Are Whales?
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The on-chain data for Shiba Inu is clearly showing a descending tendency among whales. With the transactional volume of large transfers plummeting, some questions are being raised about the recovery potential of Shiba Inu.

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The graphs show a sharp decline in the quantity of big Shiba Inu transactions over the previous seven days. In contrast to the seven-day peak of 285 transactions on June 18, 2024, there were only 117 large transactions 24 hours ago.

This decrease implies that significant market participants are either cutting back on their activities or selling their SHIB holdings. There has also been a sharp decrease in large transaction volume in USD.

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SHIB/USDT Chart by TradingView

Approximately $2.93 trillion SHIB worth of large transactions were completed in the last 24 hours while, on June 13, 2024, the seven-day high reached 8.33 trillion SHIB. The absence of strong buying pressure from major investors is reflected in transaction volumes' downward trend, which may be a sign of weakness for the price of SHIB.

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By examining the SHIB/USDT chart, we can observe that SHIB has been trading below its important moving averages, indicating a downtrend in the market. The price has dropped significantly below its prior support levels, even with a small rebound. The drop below $0.00002 was recent.

Though SHIB is in the oversold area according to the RSI of about 36, some bargain hunters may be drawn in, but overall sentiment is still negative. The drop in big transaction volume and the pessimistic attitude among whales indicate that Shiba Inu currently has a limited chance of recovery.

SHIB might have trouble returning to its prior highs in the absence of substantial buying activity from major investors. A more significant rebound would necessitate a change in attitude as well as a rise in significant transaction volumes, indicating a return of interest from key market participants.

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