650 Billion Shiba Inu (SHIB) in 24 Hours: Are Whales Gone?

There has been a discernible downturn in the market performance of Shiba Inu, especially with regard to the actions of large investors, also known as whales. In stark contrast to the typical one trillion SHIB transactions that occur, recent data reveals that the 24-hour transactional volume has drastically decreased to approximately 684.28 billion SHIB.

The trend of whales retreating from SHIB is being highlighted by this decline, which is worrisome for the asset's future. With only 30 of these transactions recorded in the last day compared to a seven-day high of 69, it is evident from on-chain indicators that the volume of large transactions has decreased. 

This implies that major participants are withdrawing and lowering their interaction with SHIB. This is corroborated by the significant SHIB transaction volume, which displays a sharp fall from a seven-day peak of 1.51 trillion SHIB to the current level. Large transaction volume in USD terms has also suffered; it is now at $9.32 million for the last 24 hours, down from a high of $21.08 million for the previous seven days.

Whales may be leaving because they do not think SHIB will perform well in the near future, especially with its price dropping and liquidity decreasing. A negative outlook is supported by the 50 EMA's below-average position relative to the 100 EMA and its substantial trailing of the 200 EMA. 

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Possible scenarios for SHIB

The first possible scenario is ongoing decline. SHIB may experience additional price and market activity declines if the whale outflow trend persists. Big and small investors find SHIB less appealing when whale interest disappears because it frequently results in lower liquidity and higher volatility. This might cause the price of SHIB to drop even further, possibly breaching support levels.

Conversely, there might be a reentry that raises volume and price if whales begin to believe that SHIB is cheap at its current levels. This might trigger a brief upswing, particularly if it is supported by encouraging reports or advancements on the larger cryptocurrency market.